European Union Commission President Ursula von der Leyen has signaled of a looming trade wart between Europe and the United states as tariffs from the US against Europe build-up. 25% tariffs have been so far imposed on European cars, aluminum and steel. Further tariffs by the US are expected to be announced on European semiconductors, pharmaceuticals and timber. Reciprocal tariff measures on all current tariffs on US products are also expected to be announced soon.
Commissioner von der Leyen said that a negotiated solution is preferred, Europe did not start this dispute, but the EU would not hesitate to take action and counter-measures to protect its interests. She reiterated that Europe has a lot of cards that include technology and the size of the market. The EU will approach negotiations from a position of strength. New trade deals with India and Indonesia are also currently being developed.
The Commissioner President said that the EU agrees with the US that there are those who are cheating on international trade, but insisted that the EU and the US should work together. She added that new tariffs would only increase inflation and serve as taxes for ordinary citizens.
As a response to ongoing trade disputes, the Commissioner President said that the EU will double-down on the Single-Market and work tio reduce further barriers.
The European Parliament is currently debating US tariffs and EU trade with the US.
Newsroom
Leave a Reply