Diving into the EU's Rebuttal Against US Tariffs: A Tough Response to Trump's Unjustified Moves
U.S. tariffs denounced as unwarranted by EU Trade Commissioner - US tariffs denounced as 'unjustified' by EU trade commissioner
The EU Commissioner is insisting on a new spin for EU-US trade relations, urging for serious dialogues and defending EU interests if needed.
During the mid-week, President Trump unleashed a bombshell by imposing tariffs on a vast array of products and regions across the globe. Starting from Wednesday next week, there will be a staggering 20% surcharge on goods and services coming from the EU.
The dent in international trade is not lost on Trump, who consistently claims that trading partners are milking the US. Particularly, Trump resents the fact that the US exports less compared to what it imports. Worldwide, the move has brought criticism avalanching on Trump, with stock markets crashing following the announcement.
The EU's Standpoint: Maros Sefcovic
According to the EU Commissioner, Maros Sefcovic, the EU is looking to engage in meaningful negotiations among other necessary measures to protect its interests. Sefcovic underscored the EU's readiness to retaliate against Trump's protectionist tactics if dialogues prove fruitless [1][2].
The EU is not new to standing up to the US. Given its robust internal market, it holds a substantial bargaining chip in the trade negotiations [2].
Proportional Response and Negotiations
The European Commission President, Ursula von der Leyen, affirmed that the EU may devise proportionate countermeasures to Trump's tariffs if talks don't bear fruit. Meanwhile, French officials hinted at potential countermeasures in mid-April and late April as part of its coordinated response [2].
Simultaneously, other EU leaders recommend a diplomatic resolution to ward off a potential trade war that may ensue. Italian and Spanish economy ministers advocate for cautious negotiations, ensuring that both parties avoid escalating the situation unnecessarily [3].
Negative Global Impact and Strong Alliances
A trade war with the US could prove disastrous for the global economy, as it risks increasing protectionist moves, prolonged supply chain disruptions, and heightened economic uncertainties [1][2]. To counter this, the EU is fortifying its alliances while safeguarding its businesses and economy.
In summary, the EU is finalizing retaliatory measures against Trump’s tariffs, while remaining open to negotiations to avoid trade wars. The European leaders are demonstrating a united front, emphasizing the protection of their businesses and economy in the face of the US's protectionist actions.
The Commission has also been consulted on the draft regulation on the implementation of the common agricultural policy, emphasizing the EU's readiness to respond proportionately to the imposition of tariffs by the US. This response could potentially include unjustified tariffs on goods and services from the US, following the example of the 20% surcharge on EU goods and services. Maros Sefcovic, the EU Commissioner, has stressed the importance of negotiations, but has also underscored the EU's willingness to retaliate if necessary.
