EU ready to fight Trump trade tariffs with taxes on US goods

“Trade wars are hard to win and easy to lose,” Donald Tusk, the president of the European Council, warned today after the EU formally backed the use of retaliatory trade measures against the US.
The former prime minister of Poland was delivering a direct riposte to US president Donald Trump, who risks triggering an EU-US trade war over his plans to impose tariffs on steel and aluminium imports.
Mr Trump had tweeted that trade wars “were easy to win” before threatening the EU with tariffs on car imports if the bloc retaliated with measures against staple US products.
Although the list of targeted items is not yet public, Jean-Claude Juncker, the president of the European Commission, boasted on Friday that Harley Davidson motorbikes, Kentucky Bourbon and Levi jeans would be hit with tariffs.
EU ready to fight Trump trade tariffs with taxes on US goods

European commissioner for trade Cecilia Malmstrom, right, arrives for a meeting of the College of the European Commission at EU headquarters in Brussels on Wednesday
Mr Tusk, who called for emergency discussions with EU leaders at a March summit, was speaking after the European Commission endorsed plans to hit back with targeted sanctions on US agricultural goods, steel and other products.
Despite opposition from his own Republican party, Mr Trump insists he will slap a 25pc tariff on steel imports and a 10pc levy on aluminium because of national security concerns.
In Brussels, the EU’s trade commissioner Cecilia Malmstrom warned the move would be “unjust” and said the bloc still hoped to be excluded from Mr Trump’s global tariff. A Trump trade aide on Monday said there would be no exemptions.
“We cannot see how the EU, friends and allies in NATO, can be a threat to international security in the US,” she said after the retaliation strategy was endorsed by the “college of commissioners”.
Free trade versus protectionism | the debate
“I truly hope this won’t happen because a trade war has no winners,” Ms Malmstrom said. “We are eager not to escalate this. We do not want this to go out of proportion."
But she added: “We cannot just stay silent when such a major measure would be taken to the European economy.
“It will put thousands of European jobs in jeopardy and it has to be met by a firm and proportionate response.”
In Geneva, China raised its concerns at the World Trade Organization where 17 other WTO members reportedly also voiced misgivings.
In the UK, junior trade minister Greg Hands told a parliamentary committee: "We are very disappointed by the President's apparent intention to do this, but we do actually await something more concrete as to what may actually happen."
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Ноябрь 2021    »