Latest news with #countermeasures
RNZ News
6 days ago
- Business
- RNZ News
EU backs potential counter-tariffs on 93 billion euros of US goods
The European Commission says its primary focus is to achieve a negotiated outcome to avert 30 percent US tariffs that US President Donald Trump has said he will apply on 1 August. Photo: AFP The European Union's member countries have voted to approve counter-tariffs on 93 billion euros (US$109b) of US goods, which could be imposed should the bloc fail to reach a trade deal with Washington, EU diplomats say. The 27-nation bloc's executive European Commission had said on Wednesday (local time) its primary focus was to achieve a negotiated outcome with Washington to avert 30 percent US tariffs that US President Donald Trump has said he will apply on 1 August. The commission said it would press on in parallel with plans for potential countermeasures, merging two packages of proposed tariffs of 21b euros and 72b euros into a single list and submitting this to EU members for approval. No countermeasures would enter force until 7 August. So far the EU has held back from imposing any countermeasures, despite Trump's repeated announcements of tariffs, the broadest of which have been postponed. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. The EU and United States appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15 percent tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. Under the outlines of the potential deal, the 15 percent rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5 percent. There could also be concessions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50 percent tariff on steel. - Reuters
Irish Times
6 days ago
- Business
- Irish Times
EU backs potential counter-tariffs on €93bn of US goods if no deal
The European Union's member countries voted on Thursday to approve counter- tariffs on €93 billion of US goods, which could be imposed should the bloc fail to reach a trade deal with Washington, EU diplomats said. The 27-nation bloc's executive European Commission had said on Wednesday its primary focus was to achieve a negotiated outcome with Washington to avert 30 per cent US tariffs that president Donald Trump has said he will apply on August 1. The commission said it would press on in parallel with plans for potential countermeasures, merging two packages of proposed tariffs of €21 billion and €72 billion into a single list and submitting this to EU members for approval. No countermeasures would enter force until August 7. So far the EU has held back from imposing any countermeasures, despite Trump's repeated announcements of tariffs, the broadest of which have been postponed. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. [ EU moves towards accepting 15% tariff as price of deal Opens in new window ] The EU and United States appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15 per cent tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. Under the outlines of the potential deal, the 15 per cent rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5 per cent. There could also be concessions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50 per cent tariff on steel. – Reuters
Bloomberg
23-07-2025
- Business
- Bloomberg
EU Readies €100 Billion No-Deal Plan to Match US 30% Tariff
The European Union plans to quickly hit the US with 30% tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1. As a part of a first wave of countermeasures, the EU would combine an already approved list of tariffs on €21 billion of US goods and a previously proposed list on an additional €72 billion of American products into one package, an European Commission spokesman said on Wednesday.
Yahoo
21-07-2025
- Business
- Yahoo
EU to ramp up retaliation plans as US tariff deal prospects dim
By Philip Blenkinsop BRUSSELS (Reuters) -The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. An increasing number of EU members, including Germany, are now considering using wide-ranging "anti-coercion" measures which would let the bloc target U.S. services and other sectors in the absence of a deal, diplomats say. The European Commission, which negotiates trade agreements on behalf of the 27-member bloc, had appeared on course for a agreement in which the EU would still have faced a 10% U.S. tariff on most of its exports, with some concessions. Such hopes now seem dashed after President Donald Trump's threat to impose a 30% tariff by August 1, and following talks between EU Trade Commissioner Maros Sefcovic and U.S. counterparts in Washington last week. Sefcovic, who has said a 30% tariff would "practically prohibit" transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. U.S. counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10%, the EU diplomats added. "Each interlocutor seemed to have different ideas. No one can tell (Sefcovic) what would actually fly with Trump," one diplomat said. Prospects of easing or removing 50% U.S. tariffs on steel and aluminium and 25% on cars and car parts appear limited. 'NUCLEAR OPTION' Washington has also rejected the EU's demand for a "standstill" arrangement, whereby no further tariffs would be imposed after a deal is struck. The rationale, according to diplomats, is that Trump's hands cannot be tied on national security, the basis of Section 232 trade investigations into pharmaceuticals, semiconductors and timber. Accordingly, the mood has pivoted among EU countries, EU diplomats say, and they are more ready to react, even though a negotiated solution is their preferred option. The EU has one package of tariffs on 21 billion euros ($24.5 billion) of U.S. goods that is currently suspended until August 6. The bloc must still decide on a further set of countermeasures on 72 billion euros of U.S. exports. Discussions have also increased on using the EU's wide-ranging "anti-coercion" instrument (ACI) that allows the bloc to retaliate against third countries that put economic pressure on member states to change their policies. Brought in more with China in mind, it would allow the bloc to target U.S. services, limit U.S. companies' access to public procurement or financial services markets or restrict U.S. investment. France has consistently advocated using the ACI, but others have baulked at what some see as a nuclear option. Trump has warned he will retaliate if other countries take action against the United States. European Commission President Ursula von der Leyen said a week ago that the ACI was created for extraordinary situations, adding: "We are not there yet." The Commission would need a qualified majority of 15 countries making up 65% of the EU population to invoke it. It would not do so unless it was confident of passing it, but there are now growing signs of support building, with Germany among the countries saying it should be considered, EU diplomats say. ($1 = 0.8590 euros) Sign in to access your portfolio
Reuters
21-07-2025
- Business
- Reuters
EU to ramp up retaliation plans as US tariff deal prospects dim
BRUSSELS, July 21 (Reuters) - The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. An increasing number of EU members, including Germany, are now considering using wide-ranging "anti-coercion" measures which would let the bloc target U.S. services and other sectors in the absence of a deal, diplomats say. The European Commission, which negotiates trade agreements on behalf of the 27-member bloc, had appeared on course for a agreement in which the EU would still have faced a 10% U.S. tariff on most of its exports, with some concessions. Such hopes now seem dashed after President Donald Trump's threat to impose a 30% tariff by August 1, and following talks between EU Trade Commissioner Maros Sefcovic and U.S. counterparts in Washington last week. Sefcovic, who has said a 30% tariff would "practically prohibit" transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. U.S. counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10%, the EU diplomats added. "Each interlocutor seemed to have different ideas. No one can tell (Sefcovic) what would actually fly with Trump," one diplomat said. Prospects of easing or removing 50% U.S. tariffs on steel and aluminium and 25% on cars and car parts appear limited. Washington has also rejected the EU's demand for a "standstill" arrangement, whereby no further tariffs would be imposed after a deal is struck. The rationale, according to diplomats, is that Trump's hands cannot be tied on national security, the basis of Section 232 trade investigations into pharmaceuticals, semiconductors and timber. Accordingly, the mood has pivoted among EU countries, EU diplomats say, and they are more ready to react, even though a negotiated solution is their preferred option. The EU has one package of tariffs on 21 billion euros ($24.5 billion) of U.S. goods that is currently suspended until August 6. The bloc must still decide on a further set of countermeasures on 72 billion euros of U.S. exports. Discussions have also increased on using the EU's wide-ranging "anti-coercion" instrument (ACI) that allows the bloc to retaliate against third countries that put economic pressure on member states to change their policies. Brought in more with China in mind, it would allow the bloc to target U.S. services, limit U.S. companies' access to public procurement or financial services markets or restrict U.S. investment. France has consistently advocated using the ACI, but others have baulked at what some see as a nuclear option. Trump has warned he will retaliate if other countries take action against the United States. European Commission President Ursula von der Leyen said a week ago that the ACI was created for extraordinary situations, adding: "We are not there yet." The Commission would need a qualified majority of 15 countries making up 65% of the EU population to invoke it. It would not do so unless it was confident of passing it, but there are now growing signs of support building, with Germany among the countries saying it should be considered, EU diplomats say. ($1 = 0.8590 euros)
