The EU is preparing a response to Trump's tariffs: countermeasures worth $28 billion

In the coming days, the countries of the European Union will try to act as a united front against the customs innovations of the administration of US President Donald Trump.

UNN reports with reference to Reuters.

Details

In the coming days, the member countries of the European Union will try to find a compromise in response to the tariffs introduced by Donald Trump.

It is likely about approving a set of targeted countermeasures on imports from the United States - in the amount of up to 28 billion dollars, in the range "from dental floss to diamonds".

Such a step will mean that the EU will join China and Canada in introducing retaliatory duties against the United States. Reuters writes that there are already concerns about this - the relevant actions turn the situation into a global trade war, which may make a number of goods more expensive for billions of consumers and, in turn, push the economy around the world into recession.

Currently, the EU bloc, consisting of 27 member countries, faces import tariffs of 25% on steel, aluminum and cars, and so-called "appropriate" measures of 20% will take effect on Wednesday.

The European Commission, which coordinates EU trade policy, will propose to members late on Monday a list of goods from the US that will be subject to additional duties in response to Trump's tariffs on steel and aluminum, rather than broader reciprocal duties.

Reference

Trump's tariffs affect about 70% of EU exports to the US. Further measures "on copper, pharmaceuticals, semiconductors and wood" are possible in the future.

In this context, it should be noted that European exports to the USA before the innovations reached the amount of more than 530 billion euros. 

Let us remind you

US President Donald Trump announced the introduction of new duties for individual countries. In particular, China - 34%, the European Union and Great Britain - 20%.

Donald Trump announced the introduction of new duties for individual countries, including Ukraine, for which the duty will be 10%. 

The White House stated that the US did not include Russia in the list of countries with new duties due to negotiations with Moscow and Kyiv. Trump decided not to mix these issues.

Donald Trump introduced a 10% duty on the islands of Heard and McDonald in the Indian Ocean. These islands, although uninhabited, are important for the environment due to penguin populations.

The agreement on American TikTok assets has been suspended, as China does not approve of it due to Trump's tariffs.