EU Prepares to Deploy "Every Tool" to Shield Itself from US Tariffs
The European Union (EU) has announced its readiness to deploy all available tools to shield itself from the impact of US tariffs imposed by President Donald Trump, should negotiations fail. European Commissioner for Trade and Economic Security Maros Sefcovic made the announcement on Monday at a meeting of the bloc’s trade ministers in Luxembourg.
EU’s Stance on US Tariffs
"We are prepared to use every tool in our trade defense arsenal to protect the EU single market, EU producers, and EU consumers," Sefcovic told reporters, as reported by Xinhua. The EU has been seeking to resolve the issue through negotiations, but Sefcovic warned that the bloc would not "wait endlessly" for a mutually acceptable resolution. Despite repeated efforts by the EU, Washington has not shown the level of engagement needed to reach a resolution.
Countermeasures against US Tariffs
Sefcovic confirmed that a list of countermeasures would be circulated to EU member states later in the day. A vote on the first set of retaliatory measures is scheduled for April 9, with implementation expected on April 15. A second part of the measures is planned for May 15. The measures are a response to the US decision in March to impose 25 per cent tariffs on steel and aluminum imports.
EU’s VAT System Remains Unchanged
Sefcovic also stated that the EU would not alter its value-added tax (VAT) system, which is an important source of income for member states. The EU has been keen to protect its VAT system, which is a vital source of revenue for member states.
EU’s Stance on US Trade Dispute
The EU’s decision to deploy all available tools to shield itself from US tariffs is a significant development in the ongoing trade dispute between the two economic powers. The EU has been seeking to resolve the issue through negotiations, but the lack of engagement from Washington has led to the EU’s decision to take a firmer stance.
What’s Next?
The EU’s decision to deploy all available tools to shield itself from US tariffs is a significant move that could have far-reaching consequences for the global economy. The EU’s stance on the issue is likely to be closely watched by other countries and traders around the world.
Frequently Asked Questions
- What is the EU’s stance on US tariffs?
The EU is prepared to deploy all available tools to shield itself from the impact of US tariffs imposed by President Donald Trump. - What are the countermeasures that the EU will take against the US tariffs?
A list of countermeasures will be circulated to EU member states, with a vote scheduled for April 9 and implementation expected on April 15. A second part of the measures is planned for May 15. - Will the EU alter its VAT system?
No, the EU will not alter its value-added tax (VAT) system, which is an important source of income for member states.