EU ‘holds a lot of playing cards’ in any tariff fight with | Australian Markets
A high European Union official has warned the United States that the world’s largest trade bloc “holds a lot of cards” with regards to dealing with the Trump administration’s new tariffs and has a good plan to retaliate if pressured to.
US President Donald Trump has promised to roll out taxes on imports from different nations on Wednesday.
He says they’ll free the US from reliance on overseas items.
He has vowed to impose “reciprocal” tariffs to match the duties that different nations charge on US merchandise, dubbing April 2 “Liberation Day.”
“Europe has not started this confrontation. We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it,” European Commission President Ursula von der Leyen advised EU MPs.
The commission, the EU’s govt department, negotiates trade offers on behalf of the bloc’s 27 member nations and manages trade disputes on their behalf.
“Europe holds a lot of cards, from trade to technology to the size of our market. But this strength is also built on our readiness to take firm countermeasures if necessary.
“All devices are on the desk,” von der Leyen said, at a European Parliament session on Tuesday in Strasbourg, France.
The commission already intends to impose duties on US goods worth some $US28 billion in mid-April in response to Trump’s steel and aluminium tariffs.
The EU duties will target steel and aluminium products, but also textiles, home appliances and farm goods.
A lot remains unknown about how Trump’s levies will actually be implemented, notably the “reciprocal” tariffs, and the EU wants to assess their impact before taking retaliatory action.
“So many Europeans really feel totally disheartened by the announcement from the United States,” von der Leyen stated.
“This is the biggest and most affluent trade relationship worldwide. We would all be higher off if we may discover a constructive resolution.”
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