Trade director declares EU to wield ‘every tool’ against US tariffs
(MENAFN) The European Union is prepared to use "every tool" at its disposal to defend its market against the impact of new US tariffs, EU Trade Commissioner Maros Sefcovic stated. If negotiations fail, the EU will take action to shield its interests from the newly imposed levies, which range from 10% to 50% on imports from countries accused of unfair trade practices. The EU, in particular, faces a blanket 20% tariff, set to begin this Wednesday.
Sefcovic emphasized the current strain in the trade relationship with the US, but assured that Brussels remained open to discussions. However, he made it clear that the EU would not wait indefinitely for resolution. The new tariffs will affect a significant portion of EU exports, including around €380 billion ($410 billion) worth of goods, or about 70% of the bloc’s total exports to the US. These tariffs are projected to exceed €80 billion, compared to the €7 billion the US currently collects.
The EU is preparing a series of retaliatory measures, with the first set to be adopted on April 15, and a second round following on May 15. Sefcovic also mentioned that European Commission President Ursula von der Leyen had proposed a “zero-for-zero” tariff deal on cars and industrial goods to reduce tensions.
Trump has justified the tariffs as a way to restore balance to global trade, claiming that other countries’ policies have harmed the US. He also pointed to the EU’s high levies on US goods and argued that American businesses face more than $200 billion annually in value-added taxes across Europe. Despite the backlash, Trump defended the tariffs on social media, asserting they were achieving significant economic gains.
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