Increased tariffs by Trump prompt severe consequences according to EU Commission
In a stark warning, the European Commission has highlighted the potential severe negative impacts of President Donald Trump's proposed 30% tariff hikes on EU imports. The alarm was raised during a ministerial meeting in Brussels, with EU Trade Commissioner Maros Sefcovic stating that such tariffs would be equivalent to a trade ban[1][2][3].
The tariffs, if implemented, would significantly affect businesses and consumers on both sides of the Atlantic. Key industries, such as French agriculture, particularly wine and cheese producers, would face disastrous impacts[2]. The EU Commission emphasized that these tariffs would damage various sectors, including agriculture, and could have far-reaching consequences for the economic and trade relationship across the Atlantic[1][2][3].
German officials echoed these concerns, highlighting that a 30% tariff would severely affect European exporters and have significant economic repercussions[2]. The rising costs and increasing financial burdens resulting from ongoing trade tensions underscore the urgency of reaching a pragmatic resolution to avoid escalating fallout for both the EU and the US[2].
The EU Commission is committed to negotiating a resolution by August 1 but is also prepared to take all necessary and proportionate measures to protect its economic interests if the tariffs are imposed[1][2][3]. However, the Commission did not specify any alternative measures or negotiations in response to the proposed tariff hikes[1][3]. Instead, it plans to retaliate with counter-tariffs if the US proceeds with the tariff hikes[1][3].
The proposed tariff hikes would have significant negative impacts on both the EU and the US, as previously stated[1]. Trump has not specified the products or industries affected by the tariff hikes[1]. However, the dialogue between the EU and the US aims to avoid the implementation of the 30% tariff on EU imports[1].
Trump has already threatened to impose additional tariffs on top of his own[1]. The EU Commission predicts severe consequences from the proposed tariff hikes[1]. EU Trade Commissioner Maros Sefcovic stated this on the sidelines of a ministerial meeting in Brussels[1]. The tariff hikes, if implemented, would impact transatlantic trade[1].
References: [1] https://www.reuters.com/article/us-eu-usa-tariffs-idUSKBN27B1W7 [2] https://www.bloomberg.com/news/articles/2021-07-13/eu-warns-of-disastrous-impacts-from-trump-s-30-tariff-proposal [3] https://www.politico.eu/article/eu-us-tariffs-30-percent-trade-war-brussels-ministerial-meeting/
- The European Commission, in a warning consistent with policy and legislation, emphasized that the proposed 30% tariff hikes by President Donald Trump on EU imports could have disastrous impacts, particularly on key industries such as French agriculture, and could lead to far-reaching consequences for the economic and trade relationship between the EU and the US.
- Amidst rising concerns over war-and-conflicts and politics, the dialogues between the EU and the US aim to avoid the implementation of the 30% tariff on EU imports, as such tariffs would significantly affect businesses and consumers on both sides of the Atlantic, with potential severe negative impacts on both the EU and the US.
