9911796707
TMI BlogEU vows countermeasures to US tariffs. Bourbon, jeans, peanut butter, motorcycles easy targetsX X X X Extracts X X X X X X X X Extracts X X X X ..... EU vows countermeasures to US tariffs. Bourbon, jeans, peanut butter, motorcycles easy targets X X X X Extracts X X X X X X X X Extracts X X X X ..... jeans and motorcycles should beware. “The EU will act to safeguard its economic interests,” von der Leyen said in a statement in reaction to US President Donald Trump's imposition of tariffs on steel and aluminum on Monday. “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 proporti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onate countermeasures.” The EU trade minister scheduled a first emergency video meeting on the bloc's response on Tuesday. “It is also important that everyone sticks together. Difficult times require such full solidarity,” said Prime Minister Donald Tusk of Poland, which holds the EU presidency. EU could target a range of US exports from motorcycles to whiskey Just as Trump imposed similar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tariffs during his first presidency, the EU countermeasures could easily amount to those that were used to retaliate then if the measures come into force March 12. Bernd Lange, the chair of the European Parliament's trade committee, warned that previous trade measures were only suspended and could legally be easily revived. “When he starts again now, then we will, of course, immediately reins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tate our countermeasures,” Lange told rbb24 German radio. ”Motorcycles, jeans, peanut butter, bourbon, whiskey and a whole range of products that of course also affect American exporters" would be targeted, he added. The EU Commission, which negotiates trade relations on behalf of the bloc, said it is not clear what countermeasures would apply, but officials and observers have said they would ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rget Republican states and traditionally strong US exports. In Germany, the EU's largest economy, Chancellor Olaf Scholz told parliament that “if the US leaves us no other choice, then the European Union will react united,” adding: "Ultimately, trade wars always cost both sides prosperity.” European steel will be hard hit in trade war European steel companies are bracing for losses. “It wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll further worsen the situation of the European steel industry, exacerbating an already dire market environment,” said Henrik Adam, president of the Eurofer European steel association. He said the EU could lose up to 3.7 million tons of steel exports. The United States is the second biggest export market for EU steel producers, representing 16 per cent of the total EU steel exports. “Losing a si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gnificant part of these exports cannot be compensated by EU exports to other markets.” Trump is hitting foreign steel and aluminum with a 25 per cent tax in the hope that they will give local producers relief from intense global competition, allowing them to charge higher prices. EU Commission Vice President Maroš Šefcovic said that the tariffs are "economically counterproductive, especially g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iven 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 preferred scenario. We remain committed to constructive dialogue. We stand ready for negotiations and to find mutually beneficial solutions where possible.” The EU estimates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the trade volume between both sides stands at about USD 1.5 trillion, representing some 30 per cent of global trade. “There is a lot at stake for both sides,” he told the EU legislature. While the bloc has a substantial export surplus 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 (USD 878 bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion) in 2023, with a trade surplus of 156 billion euros (USD 161 billion) for the EU. Trade in services was worth 688 billion euros (USD 710 billion) with a trade deficit of 104 billion euros (USD 107 billion) for the EU. (AP) PY PY X X X X Extracts X X X X X X X X Extracts X X X X
|
