EU formulating reply to Trump tariffs, according to Reuters
Brussels is preparing to cast a vote on counter-tariffs next week, with a potential implementation date set for mid-April, according to reports. The European Commission plans to propose a list of US products to target with additional tariffs...
TroibNews 
Brussels is preparing to cast a vote on counter-tariffs next week, with a potential implementation date set for mid-April, according to reports.
The European Commission plans to propose a list of US products to target with additional tariffs in retaliation for the extensive new tariffs imposed by the United States, as reported by Reuters on Sunday.
In a significant shift in trade policy, US President Donald Trump declared a minimum 10% tariff on all imports and additional “reciprocal” duties on numerous countries he claims engage in unfair trade practices against the United States. The European Union's exports face even harsher terms, subjected to a 20% rate. Trump has stated that many countries are “ripping off” America through “harmful policies like currency manipulation and exorbitant value-added taxes.”
The EU's anticipated counter-tariffs could affect up to $28 billion worth of US goods, as indicated by Reuters. This list is expected to include products such as meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper.
A particular product of interest is bourbon, which the European Commission has targeted for a 50% tariff, triggering a threat from Trump of a 200% counter-tariff on European alcoholic beverages.
The focus of Monday’s meeting is “to emerge with a united message of a desire to negotiate with Washington a removal of tariffs, but a readiness to respond with countermeasures if that failed,” according to EU diplomats cited by Reuters.
While opinions differ among member states—France advocating for broader measures, Ireland pushing for a “measured” response, and Italy voicing concerns about retaliation—the bloc is striving to maintain unity. As outlined by diplomats, the vote on tariffs is set for April 9 and is anticipated to pass unless there’s an unexpected qualified majority opposition.
Afterward, the tariffs are expected to be implemented in two phases: the first beginning on April 15 and the remainder a month later.
“Our biggest fear after Brexit was bilateral deals and a break of unity, but through three or four years of negotiations that did not happen. Of course, here you have a different story, but everyone can see an interest in a common commercial policy,” remarked one EU diplomat to the agency.
On a separate note, tens of thousands of left-wing activists rallied across the US on Saturday to protest the tariffs and other policies of the Trump administration. Organizers of the “Hands Off!” protests claimed that more than 1,400 rallies took place outside state capitols, federal buildings, city halls, and parks.
In light of Trump's announcement regarding new tariffs, JPMorgan has raised its estimate of the likelihood of a global recession from 40% to 60%. Bruce Kasman, the chief economist, remarked, “The impact of this tax increase is expected to be amplified by factors such as retaliation, a decline in US business sentiment, and disruptions in the supply chain.”
Olivia Brown for TROIB News
The European Commission plans to propose a list of US products to target with additional tariffs in retaliation for the extensive new tariffs imposed by the United States, as reported by Reuters on Sunday.
In a significant shift in trade policy, US President Donald Trump declared a minimum 10% tariff on all imports and additional “reciprocal” duties on numerous countries he claims engage in unfair trade practices against the United States. The European Union's exports face even harsher terms, subjected to a 20% rate. Trump has stated that many countries are “ripping off” America through “harmful policies like currency manipulation and exorbitant value-added taxes.”
The EU's anticipated counter-tariffs could affect up to $28 billion worth of US goods, as indicated by Reuters. This list is expected to include products such as meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper.
A particular product of interest is bourbon, which the European Commission has targeted for a 50% tariff, triggering a threat from Trump of a 200% counter-tariff on European alcoholic beverages.
The focus of Monday’s meeting is “to emerge with a united message of a desire to negotiate with Washington a removal of tariffs, but a readiness to respond with countermeasures if that failed,” according to EU diplomats cited by Reuters.
While opinions differ among member states—France advocating for broader measures, Ireland pushing for a “measured” response, and Italy voicing concerns about retaliation—the bloc is striving to maintain unity. As outlined by diplomats, the vote on tariffs is set for April 9 and is anticipated to pass unless there’s an unexpected qualified majority opposition.
Afterward, the tariffs are expected to be implemented in two phases: the first beginning on April 15 and the remainder a month later.
“Our biggest fear after Brexit was bilateral deals and a break of unity, but through three or four years of negotiations that did not happen. Of course, here you have a different story, but everyone can see an interest in a common commercial policy,” remarked one EU diplomat to the agency.
On a separate note, tens of thousands of left-wing activists rallied across the US on Saturday to protest the tariffs and other policies of the Trump administration. Organizers of the “Hands Off!” protests claimed that more than 1,400 rallies took place outside state capitols, federal buildings, city halls, and parks.
In light of Trump's announcement regarding new tariffs, JPMorgan has raised its estimate of the likelihood of a global recession from 40% to 60%. Bruce Kasman, the chief economist, remarked, “The impact of this tax increase is expected to be amplified by factors such as retaliation, a decline in US business sentiment, and disruptions in the supply chain.”
Olivia Brown for TROIB News
Find more stories on Business, Economy and Finance in TROIB business
