The European Union (EU) is preparing to impose additional retaliatory tariffs on goods imported from the United States amid an ongoing customs dispute. The measures, covering products worth €72 billion, are set to take effect if talks with Washington fail to yield a resolution.
European Commissioner for Trade, Maroš Šefčovič, said that the updated list of industrial and agricultural products came after public consultations.
Initially, the tariffs targeted imports valued at €95 billion, but this figure has since been reduced to €72 billion. However, Šefčovič did not specify which products were removed from the list.
Expressing disappointment over U.S. President Donald Trump’s recent announcement on new customs duties which would take effect from 1 August, Šefčovič said, “We had been working for weeks on a comprehensive agreement and were very close to reaching it. This announcement introduces a completely different dynamic to the situation.”
He warned that the President’s plans would deal a severe blow to Transatlantic trade, emphasising the EU’s readiness to respond appropriately.
However, President Trump says he's open to negotiate with the EU.
"They would like to do a different kind of a deal and we're always open to talk. We are open to talk, including to Europe. In fact, they're coming over, they'd like to talk.”
Trump stepped up his trade war on Saturday (12 July) , saying he would impose a 30% tariff on most imports from the EU and Mexico from next month, adding to similar warnings for other countries including Asian economic powerhouses Japan and South Korea.
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