Tariffs "hit" 380 billion euros of EU goods - The bloc prepares countermeasures to "force" the US to negotiate
The European Union estimates that Donald Trump's sweeping global tariffs will apply to around 70 percent of the bloc's exports to the United States.
“Taken together, around 70 percent of EU exports will be affected by tariffs, representing a volume of 380 billion euros,” said a senior European Commission official, who was granted anonymity to discuss internal estimates.
The figure combines the 20 percent reciprocal tariff that Trump announced on Wednesday and the 25 percent tariff on cars, car parts, steel and aluminum.
In an effort to distance itself from the Trump administration's approach to calculating tariffs, the Commission is conducting a thorough analysis of their effects.
While Commission President Ursula von der Leyen vowed that the EU is ready to retaliate, and several national ministers and prominent members of the European Parliament also called for action, Brussels did not announce any immediate measures.
Europe will have to make up its mind whether the bloc's revenge will target banks and technology, or whether it will stay in the realm of Harley-Davidson motorcycles and whiskey.
The commission is also being more cautious this time than when it immediately prepared counter-tariffs to Trump's steel and aluminum duties last month.
"When we are formulating a response to what is a gigantic, complex geopolitical issue, sometimes there would be recalibration, sometimes the strategy needs to be adjusted," a Commission spokesman said.
"This is a point of strength because we are consulting with our member states in real time. We are creating the space we need to negotiate with the Americans and we are looking to target our response."
“Now the issue is more comprehensive,” said a second senior Commission official, comparing the new 20 percent tariff to the more specific duties that Trump announced earlier. “And that requires more work, more analysis, more consultation.”
If trade levels remain the same, the US will collect 81 billion euros in tariff revenue, officials calculated, up from 7 billion euros last year.
In this situation, the EU is preparing a two-phase process. The first phase will start in mid-April, when the already announced countermeasures to Trump's steel and aluminum tariffs will begin. EU governments will vote on the package next week and it will enter into force this month and next.
The second phase of retaliation, against the 25 percent car tariff and the general 20 percent tariff, will come later.
Combined, the two phases aim to motivate the US to join the negotiating table, something it has so far resisted.
The Commission is also considering targeting special tariffs on semiconductors and pharmaceutical products.
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