The European Union is taking a firm stance in response to the latest tariffs imposed by the United States on EU goods, while keeping the door open for negotiations, according to Maros Sefcovic, European Commissioner for Trade and Economic Security.
Following an emergency meeting of the Foreign Affairs Council on Trade, Sefcovic confirmed that the tariffs, which now impact €380 billion ($416.8 billion) worth of EU exports, are set at levels ranging from 20% to over 25%.
Sefcovic acknowledged the difficulty of the current trade relationship with the US, describing it as being "in a tough spot." However, he emphasized that the EU is focused on initiating meaningful talks with the US, and that communication with US officials has remained open and transparent.
“We both face shared challenges, including global overcapacity, semiconductor competition, and access to critical minerals. If we work together, we could create a truly Trans-Atlantic marketplace that benefits both sides,” he said, underscoring the EU's commitment to collaboration.
He also mentioned that the EU had already made a significant offer by eliminating tariffs on cars and all industrial goods. Despite this, Sefcovic warned that engaging with the US on these matters would require time and effort, given that the US sees tariffs as not just a tactic but a corrective measure. Therefore, negotiations are still in their early stages.
While the EU continues to prioritize dialogue, Sefcovic made it clear that the EU will not wait indefinitely for tangible progress. “We will not wait endlessly until we see progress,” he stated, reaffirming the bloc’s readiness to act decisively on three fronts.
First, the EU will defend its interests with countermeasures, with a retaliatory tariff list already prepared, including exact tariff levels, which will be presented to EU countries for a vote on April 9. The duties will be implemented in two phases, starting on April 15 and May 15.
Second, the EU is working to diversify its trade relationships, with a focus on strengthening ties with countries such as India, Indonesia, Thailand, the Philippines, and nations in the Gulf region. Sefcovic expressed a desire to accelerate free trade agreement negotiations with these countries.
Third, the EU plans to prevent harmful trade diversions by enhancing its import surveillance system, which will allow it to respond swiftly to changes in global trade dynamics and protect the single market, EU producers, and consumers.
Sefcovic also reiterated the EU’s commitment to the global trade system, particularly as the US has stepped back from some of its obligations. “The EU represents 13% of global goods trade, and our priority, along with the rest of the WTO, is to protect the remaining 87% and ensure that the global trade system prevails for the rest of us,” he said.
On China, Sefcovic shared insights from his recent trip to Beijing, focusing on making the EU-China trade relationship more balanced. The discussions covered issues such as overcapacity, unfair subsidies, and market access barriers, with particular attention given to Chinese investment in Europe’s electric vehicle sector.
Sefcovic concluded by highlighting the importance of customs cooperation, with 91% of e-commerce packages entering the EU from China. “This was an important first step in putting our engagement with China on the right track,” he said.
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The 4th session of the Permanent Forum on People of African Descent began this week at the UN headquarters in New York, bringing renewed international scrutiny to France and the Netherlands over their continued control of several overseas territories.
South Korea’s finance minister said Tuesday that Seoul will seek to delay U.S. tariffs for as long as possible, as negotiations with Washington continue amid mounting pressure on the country’s export-dependent economy.
Russian Foreign Minister Sergei Lavrov said reaching a peace agreement with the United States over the war in Ukraine remains difficult, as Moscow stands firm on its demands and vows never to return to economic dependence on the West.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 15th, covering the latest developments you need to know.
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South Korea’s finance minister said Tuesday that Seoul will seek to delay U.S. tariffs for as long as possible, as negotiations with Washington continue amid mounting pressure on the country’s export-dependent economy.
Russian Foreign Minister Sergei Lavrov said reaching a peace agreement with the United States over the war in Ukraine remains difficult, as Moscow stands firm on its demands and vows never to return to economic dependence on the West.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 15th, covering the latest developments you need to know.
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