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TMI BlogEU vows tough countermeasures to US tariffsX X X X Extracts X X X X X X X X Extracts X X X X ..... EU vows tough countermeasures to US tariffs X X X X Extracts X X X X X X X X Extracts X X X X ..... in reaction to US President Donald Trump's imposition of tariffs on steel and aluminum the previous day. “Tariffs are taxes — bad for business, worse for consumers,” von der Leyen said. “Unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures.” In Germany, home to the EU's largest economy, Chancellor Olaf Scholz told parliament that “if t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he US leaves us no other choice, then the European Union will react united,” adding that "ultimately, trade wars always cost both sides prosperity”. Trump is hitting foreign steel and aluminum with a 25% tax in the hope that they will give local producers relief from intense global competition, allowing them to charge higher prices. He imposed similar tariffs during his first presidency but the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... move damaged relations with key US allies and drove up costs for “downstream" manufacturers that buy steel and aluminum. It is not clear what countermeasures would seek to apply, but officials and observers have said they would target Republican states and traditionally strong US exports. After Trump imposed steel tariffs in 2018, the EU imposed counter-tariffs on US-made motorcycles, bourbon, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peanut butter and jeans, among other items. EU Commission vice-president Maroš Šefcovic said Tuesday that the tariffs are "economically counterproductive, especially given the deeply integrated production chains established through our extensive transatlantic trade and investment ties”. “We will protect our workers, businesses and consumers," Šefcovic said, but added that “it is not our prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred scenario. We remain committed to constructive dialogue. We stand ready for negotiations and to find mutually beneficial solutions where possible.” The EU estimates that the trade volume between both sides stands at about $1.5 trillion, representing some 30% of global trade. “There is a lot at stake for both sides,” he told the EU legislature. While the EU has a substantial export surplus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in goods, it says that is partly offset by the US surplus in the trade of services.
The EU says that trade in goods reached 851 billion euros ($878 billion) in 2023, with a trade surplus of 156 billion euros ($161 billion) for the EU. Trade in services was worth €688 billion ($710 billion) with a trade deficit of 104 billion euros (107 billion) for the EU. (AP) SCY SCY X X X X Extracts X X X X X X X X Extracts X X X X ..... PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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