The European Union is “prepared to barter” with america and has provided to scrap tariffs on industrial items, Ursula Von der Leyen, president of the European Fee, stated Monday.
“These tariffs come at the start at immense prices for US shoppers and companies however, on the similar time, they’ve a large influence on the worldwide economic system,” the top of the EU’s government arm stated at a information convention in Brussels.
Following US President Donald Trump’s announcement of hefty tariffs on dozens of countries final week, EU exports to the US face a 20% “reciprocal” tariff, whereas its metal and auto business face a 25% tariff. Von der Leyen stated the tariffs, which have precipitated a worldwide market rout, signify a “main turning level” for the US.
Requested when the EU tabled the zero-tariff supply, von der Leyen stated the supply was made “lengthy earlier than” Trump’s newest tariff announcement and “repeatedly, for instance, within the automotive sector.” She pressured that the EU has lengthy gone “zero for zero with different international locations that even have a powerful automotive sector.”
On the similar time, the EU is prepared to play hardball: Though the EU would like to strike a “negotiated settlement,” the bloc can be “making ready a possible checklist (of US imports) for retaliation,” she stated.
In the meantime, the top of the EU’s government arm stated the bloc would discover new alternatives, citing offers it has already made with Mexico and Switzerland, in addition to new commerce agreements it’s exploring with India, Indonesia and different international locations within the Indo-Pacific.
“We’ll focus like a laser beam on the 83% of worldwide commerce that’s past america – huge alternatives – and because of this we’re deepening our relationships with our buying and selling companions,” she stated at a information convention in Brussels.
This submit has been up to date with extra info.
