As President Trump threatens to impose a 30% tariff on EU goods, European officials express their dismay and concern about the potential impact on trade relations, signaling readiness for reciprocal measures.
EU Trade Commissioner Warns Against Trump's Tariff Threats
EU Trade Commissioner Warns Against Trump's Tariff Threats
The European Union's trade commissioner expresses concern over President Trump's proposed tariffs threatening a breakdown in trans-Atlantic trade negotiations.
In a tense situation that could reshape trans-Atlantic trade, Maros Sefcovic, the European Union’s (EU) trade commissioner, has cautioned that President Trump’s recent tariff threats could significantly disrupt ongoing trade negotiations. Following Trump’s announcement of a potential 30% levy on all imports from the 27-nation bloc, Sefcovic articulated disappointment over what he deemed an abrupt change in dialogue, stating the two parties were evidently near an agreement.
Sefcovic’s remarks came amid uncertainty during a meeting of EU trade ministers in Brussels, where he underscored the substantial implications such tariffs could entail for trade between the EU and the U.S., two of the world's most interconnected economies. He emphasized responsibility in what he described as a monumental trading relationship, indicating his intention to engage with American officials in hopes of finding an amicable resolution.
The trade commissioner recounted his frequent communications with U.S. counterparts, expressing that they felt close to solidifying a deal that was likely to feature a 10% baseline tariff, along with strategic exceptions. However, the unfolding situation has raised alarm within EU circles, causing surprise and frustration amongst negotiators.
Attendees at the Brussels meeting voiced their worries, particularly Denmark's foreign minister, Lars Lokke Rasmussen, who conveyed the potential devastation a trade war could levy on both sides. Rasmussen advocated for a firm response, suggesting the bloc might need to impose reciprocal tariffs in retaliation against U.S. imports.
The European Commission has already compiled a list of U.S. goods amounting to approximately €21 billion targeted for tariffs, alongside a more extensive second list nearing €72 billion that is currently under review. However, President Ursula von der Leyen clarified that these measures would not be enacted until August 1, with EU leaders agreeing that measured responses indicated a reluctance to escalate hostilities.
As the situation evolves, EU officials maintain that their priority remains the pursuit of a viable agreement, balancing the need for assertiveness against the dangers of further escalating tensions in trans-Atlantic relations.
Sefcovic’s remarks came amid uncertainty during a meeting of EU trade ministers in Brussels, where he underscored the substantial implications such tariffs could entail for trade between the EU and the U.S., two of the world's most interconnected economies. He emphasized responsibility in what he described as a monumental trading relationship, indicating his intention to engage with American officials in hopes of finding an amicable resolution.
The trade commissioner recounted his frequent communications with U.S. counterparts, expressing that they felt close to solidifying a deal that was likely to feature a 10% baseline tariff, along with strategic exceptions. However, the unfolding situation has raised alarm within EU circles, causing surprise and frustration amongst negotiators.
Attendees at the Brussels meeting voiced their worries, particularly Denmark's foreign minister, Lars Lokke Rasmussen, who conveyed the potential devastation a trade war could levy on both sides. Rasmussen advocated for a firm response, suggesting the bloc might need to impose reciprocal tariffs in retaliation against U.S. imports.
The European Commission has already compiled a list of U.S. goods amounting to approximately €21 billion targeted for tariffs, alongside a more extensive second list nearing €72 billion that is currently under review. However, President Ursula von der Leyen clarified that these measures would not be enacted until August 1, with EU leaders agreeing that measured responses indicated a reluctance to escalate hostilities.
As the situation evolves, EU officials maintain that their priority remains the pursuit of a viable agreement, balancing the need for assertiveness against the dangers of further escalating tensions in trans-Atlantic relations.
