EU close to agreement on first round of retaliatory tariffs against US!
Trade ministers meeting in Luxembourg on Monday came close to agreement on a list of US goods to be targeted in response to the recent US decision to impose tariffs on steel and aluminium.
But a second round designed to respond to the total tariff of 20% on other imports from the bloc and a flat rate of 25% on cars remains under debate.
The first round of countermeasures, expected to be approved on Wednesday, is likely to include American products such as bourbon whiskey, although this inclusion remains controversial, especially after threats by US President Donald Trump to impose 200% tariffs on European wines and spirits if whiskey remains on the list.
France, Italy and Spain led calls in recent weeks to remove whisky from retaliatory measures to avoid escalating tensions with the US.
"We need to strike the right balance to protect the EU's most exposed economies," an EU diplomat said, adding: "We are united in our desire for a proportionate response, because retaliatory measures against US products will have a detrimental effect on our industries."
The retaliatory tariffs will be imposed in phases starting April 15, with a second wave set for May 15. The aim of these initial measures is to push the US to the negotiating table, signaling the EU's willingness to stand firm in the ongoing trade dispute.
While the deal on the first round of tariffs is expected to be finalized in time for Wednesday, a second phase of the EU strategy is still under discussion.
This “Plan B” would address U.S. tariffs on cars and other sectors, but member states are divided over the best approach. Larger economies like France and Germany have signaled openness to using more aggressive countermeasures, such as blocking U.S. companies from EU public contracts, while smaller states like Spain, Italy and Ireland favor a more cautious response.
Despite these divisions, the EU aims to maintain a unified stance. Once the first list is approved, the EU hopes it will provide leverage in future negotiations with the US, underlining the bloc's readiness to escalate if necessary. However, leaders are keen to avoid a trade war and are determined to strike a balance between taking a firm stance and maintaining diplomatic ties with Washington.
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