The European Commission is developing countermeasures against Washington’s new trade duties.
The European Union is preparing retaliatory measures in response to US President Donald Trump’s decision to impose 20% tariffs on goods from EU countries. European Commission President Ursula von der Leyen stated that Brussels is determined to firmly defend its economic interests and is already working on a package of countermeasures.
Trump announced the new tariffs on Wednesday, adding the EU to a list of 60 countries subject to the 20% duties. The list also includes China, India, Japan, and South Korea. For the rest of the world, the tariffs were set at 10%. This move marks the most significant act of US protectionism since the Great Depression.
Von der Leyen sharply condemned Washington’s initiative, emphasizing that Trump’s policy undermines the global market and harms both American and European businesses. The European Commission has already implemented €26 billion worth of measures in response to US tariffs on steel and aluminum. Now, Brussels is developing a new package of sanctions, which will include additional tariffs on American goods.
Von der Leyen also expressed concerns about a possible influx of cheap goods from China and other countries seeking new markets due to the closure of the US market.
According to a forecast by the ING banking group, the introduction of new tariffs could slow down eurozone GDP growth, reducing it from 1.4% to 1% next year. Additionally, von der Leyen warned that the trade war would lead to higher consumer prices. The rising costs of goods, including food and medicine, could trigger inflation.
Trump stated that the European Union takes advantage of trade relations with the US. “Do you think the EU is full of friendly guys? They are ripping us off!” he declared at the White House. He also announced a national trade emergency, allowing him to impose 10% tariffs on all countries and 20% tariffs on the 60 largest trading partners.
