EU Readies for Reciprocal Trade Measures Upon Collapse of Talks with U.S.
🔥 Hey there! Let's talk trade wars, shall we? 💼
The European Commission just announced some tough love for the US amidst their ongoing trade dispute. If negotiations don't pan out, get ready for a whopping €95 billion hit to US goods!
Big names like Boeing and iconic booze, Bourbon whiskey, are right at the top of the hit list. Agricultural products, automotive industries, electrical equipment, engines, machinery, fish, processed fruits, nuts, and even whiskey are all on the chopping block.
Commission President, Ursula von der Leyen, says, "There are good deals to be made... but we're prepared for all possibilities." Hmm, sounds like she's not messing around!
Since mid-March, the US has been slapping 25% tariffs on EU aluminum and steel, 25% on cars, and a 10% blanket tariff on all EU imports. But if US President Donald Trump's investigations into pharmaceuticals, semiconductors, and other products lead to more tariffs, the percentage could reach a staggering 97%!
The EU plans to consult industry leaders on the list of US products until June 10, and if approved by member states, these tariffs might be a reality. The level of tariffs will be determined at a later date.
As for US services, they're currently off the table. Yet, an EU official says, "All options are on the table" if negotiations crumble.
Remember, this is just the latest salvo in the trade war. EU officials were recently in Washington, but as of now, no deal has been reached. They're not calling it a "retaliation" package, but rather a push for trade balance if no deal goes through.
Want more insights? Here's a lowdown on the potential impact on alcoholic exports (€1.3 billion), aircraft exports (€8.5 billion), and electrical equipment (€7.2 billion) from the US [1]. Keep in mind that these tariffs have been temporarily suspended while discussions continue [2]. Additionally, the EU is considering restrictions on certain EU exports to the US, like steel scrap and chemical products, worth €4.4 billion [3].
Stay tuned for updates on this high-stakes trade tango! 🚀
- European Commission
- trade
- European Union
- Boeing
- Bourbon whiskey
- US-EU Trade Dispute
[1] Tariffs on specific US exports[2] Temporary suspension of tariffs[3] Potential EU export restrictions to US
- The European Commission has announced countermeasures towards the US, which might impose tariffs on several US goods worth €95 billion should negotiations fail.
- The list of products includes big names like Boeing and Bourbon whiskey, as well as agricultural products, automotive industries, electrical equipment, engines, machinery, fish, processed fruits, nuts, and more.
- If US President Donald Trump's investigations lead to more tariffs, the percentage could reach a staggering 97%, affecting a broad range of US industries and businesses, including the aerospace industry.
- If negotiations fail, the EU is prepared to consider restrictions on certain EU exports to the US, such as steel scrap and chemical products, worth €4.4 billion. This could bring about significant changes in the finance and business sectors of both the EU and US.
