The European Commission gave the “green light” today (24/7) for countermeasures with tariffs worth €93 billion if trade negotiations with the United States fail, according to European diplomats. It’s worth noting that the countermeasures will be implemented from August 7, in case talks between Brussels and Washington collapse.
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To an initial list worth €21 billion that had already been adopted, a second list has been added, reaching €72 billion. The EU decided today to merge the two lists, which include a large number of goods. The European Commission has compiled a list of American products that will face tariffs if the 30% duty on European imports takes effect from August 1st. Among others, EU tariffs will be imposed on everything from bourbon and soybeans to cars and aircraft from the US.
At the same time, however, Europe remains hopeful that a solution will be found in the negotiations, which are in full swing. Latest reports suggest the agreement appeared to be taking shape with US customs tariffs reduced to 15% and many exemptions regarding the aerospace and pharmaceutical sectors.
Low-key tone from Commission
However, the Commission refused to confirm reports in the international press suggesting that the EU and US are very close to an agreement and maintains a low-key tone.
Commission Trade Press Officer Olaf Gill emphasized that the EU is focusing on two key points: continuing intensive negotiations and preparing a series of countermeasures in case there is no final agreement. He also stressed that negotiations continue “at an intense pace, both at technical and political levels.”
European Trade Commissioner Maros Sefcovic briefed the permanent representatives of member states on the progress of talks and the list of proposed countermeasures. Regarding the countermeasures, he conveyed that “they will be automatically activated on August 7 if there is no agreement by then. Of course, the option to suspend them remains always available if needed. So for now we are focusing on the negotiations.”
