EU Approves Retaliatory Tariffs Against US, Seeks Trade Deal
The European Union has given the green light to retaliatory tariffs against the United States, with a potential 15% US tariff looming over key European sectors. This comes as the EU continues to seek a negotiated solution with the US, aiming to replicate a trade agreement similar to the US-Japan model.
The EU's countermeasures, worth $93 billion, will target a wide range of US goods, including cars, aircraft, soybeans, poultry, and bourbon whiskey. The EU's response will be implemented in stages, with the first set of tariffs coming into effect on 7 August, followed by additional measures in September and February. Some exemptions are being considered, but the US has shown no sign of reducing its 50% duties on European steel.
A qualified majority of EU member states, including Germany and France, now supports activating the anti-coercion instrument. This move aims to deter economic pressure from third countries. Hungary was the sole member state to vote against the proposal. The EU continues to engage in negotiations with the US, seeking a solution that benefits both parties.
The EU's retaliatory tariffs, approved by its member states, will come into effect in stages starting from 7 August. The EU remains open to negotiations with the US, pursuing a trade agreement similar to the US-Japan model. Meanwhile, a majority of EU member states support the activation of the anti-coercion instrument to counter external economic pressure.
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