EU greenlights first set of tariffs hitting back at US

The EU on Wednesday adopted its first measures hitting back at President Donald Trump’s tariff onslaught, targeting more than 20 billion euros of US goods including soybeans, motorcycles and beauty products. The levies of up to 25 per cent are retaliation for US duties on steel and aluminium imposed last month - with Europe's response to Trump's latest tariffs salvo yet to be announced.

Duties will start to be collected under the measures on April 15, the commission said. "These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome," the European Commission said in a statement issued after EU member states greenlit the measures. "The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy," it added.

Trump has also slapped a 25-percent tariff on car imports from the EU, and targeted the bloc with so-called reciprocal tariffs of 20 percent that came into force Wednesday, as in dozens of other countries. The response to those measures could be unveiled as early as next week.

Approved by 26 EU countries - with Hungary voting against - the list of targeted products is weighted towards states held by Trump's Republicans. The goods include poultry, rice, corn, fruit and nuts, wood, motorcycles, plastics, textiles, paintings and electrical equipment.

Bourbon had been on a preliminary list, but the EU removed it after pressure from major wine exporters France and Italy, fearing Trump would deliver on threats of a whopping 200-percent tariff on European drinks.

The European Union's response to Trump's tariff assault has sought to balance calibrated retaliation with a push for negotiations to avert an all-out trade war. Its first retaliatory move was approved as Washington and Beijing ratcheted up a tit-for-tat escalation on tariffs - and US Treasury Secretary Scott Bessent said countries which do not hit back would not face higher rates. The measures approved Wednesday consist of two parts.

First, the EU will let a set of levies dating from Trump's first term - but currently suspended - snap back into place and they will be collected from next Tuesday. The second step includes the new list of products to target with tariffs, most of which will take effect next month, with some in December.

EU chiefs Ursula von der Leyen and Antonio Costa emphasised Europe's push for negotiation after meeting with leaders from the American Chamber of Commerce to the European Union on Wednesday. The chamber's members include Amazon, Apple, Boeing, Ford and McDonald's.

Source: commonspace.eu with agencies. Photo: AFP

Related articles

Editor's choice
News
Mark Carney: "The world is in the midst of a rupture, not a transition"

Mark Carney: "The world is in the midst of a rupture, not a transition"

Canadian Prime Minister Mark Carney said the "old order is not coming back" and urged fellow middle powers to come together in a speech at the World Economic Forum in Davos, Switzerland. "Middle powers must act together because if we're not at the table, we're on the menu," Carney said on Tuesday, adding that he believed powerful nations were using economic coercion to get what they want. He also affirmed Canada's support for Greenland, Denmark and the Nato alliance, drawing applause. "Great powers" are often defined as countries with permanent seats on United Nations Security Council - China, France, Russia, the United Kingdom and the United States - which shows their economic and military dominance in the world. Middle powers, such as Canada, Australia, Argentina, South Korea and Brazil, are nations that still exert large influence in global politics, even though their economies are smaller. In his speech, Carney said the world is "in the midst of a rupture, not a transition". "Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited," he said. He also said "Canada was amongst the first to hear the wake-up call" that geography and historic alliances no longer guaranteed security or prosperity. As a member of the North Atlantic Treaty Organisation (Nato), Canada stands firmly with Greenland and Denmark and supports "their unique right to determine Greenland's future", Carney said in his speech. "Our commitment to Article Five is unwavering," the prime minister added, referring to a clause in the Nato agreement that states an attack against one member state is considered an attack on all. (read the full speech of the Canadian prime minister at Davos by clicking the picture).

Popular

Editor's choice
Interview
Thursday Interview: Murad Muradov

Thursday Interview: Murad Muradov

Today, commonspace.eu starts a new regular weekly series. THURSDAY INTERVIEW, conducted by Lauri Nikulainen, will host  persons who are thinkers, opinion shapers, and implementors in their countries and spheres. We start the series with an interview with Murad Muradov, a leading person in Azerbaijan's think tank community. He is also the first co-chair of the Action Committee for a new Armenian-Azerbaijani Dialogue. Last September he made history by being the first Azerbaijani civil society activist to visit Armenia after the 44 day war, and the start of the peace process. Speaking about this visit Murad Muradov said: "My experience was largely positive. My negative expectations luckily didn’t play out. The discussions were respectful, the panel format bringing together experts from Armenia, Azerbaijan, and Turkey was particularly valuable during the NATO Rose-Roth Seminar in Yerevan, and media coverage, while varied in tone, remained largely constructive. Some media outlets though attempted to represent me as more of a government mouthpiece than an independent expert, which was totally misleading.  Overall, I see these initiatives as important steps in rebuilding trust and normalising professional engagement. The fact that soon a larger Azerbaijani civil society visits to Armenia followed, reinforces the sense that this process is moving in the right direction." (click the image to read the interview in full)