EU Puts Forth Counter Tariffs Worth 93 Billion Euro If US Talks Fail
US President Donald Trump blindsided the European Union this month when he threatened a 30-percent levy on EU goods unless the two sides reach a trade deal by August 1.
Brussels and Washington appear to be inching towards a deal with a baseline 15-percent levy on EU goods, but the bloc is still forging ahead with detailed retaliatory plans in the event of no accord.
Thursday's list includes previously agreed levies on 21 billion euros of US goods, including soybeans. Added to that is a second list of 72 billion euros put forward by the European Commission this month, targeting dozens more products including US planes, cars and whisky.
Backed by 26 EU countries except Hungary, the counter-tariffs on the totality of the goods targeted would be up to 30 percent, European diplomats told AFP.
EU states have supported the European Commission, which is leading trade talks on behalf of the 27-nation bloc, and allowed time for negotiations before threatening reprisals.
According to multiple diplomats, the US proposal being examined by the EU could include sectoral carve-outs for aircraft, lumber, pharmaceutical products and agricultural goods.
But there is also a tougher tone coming out of key EU capitals, Paris and Berlin, that Brussels must show its mettle and willingness to react forcefully if needed.
In addition to the two sets of counter-tariffs on goods, the commission is also preparing a separate list of proposed restrictions on US services companies -- including tech and financial services -- should talks with Washington fail.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
27 minutes ago
- Mint
Gold and silver rates to see more correction; is it the right time to buy gold and silver?
Gold prices held steady on Monday as improved risk appetite—following a trade agreement between the United States and the European Union—limited further gains. Investors also remained cautious ahead of the upcoming U.S. Federal Reserve policy meeting later this week. As of 0736 GMT, spot gold remained unchanged at $3,336.75 per ounce, after briefly hitting its lowest level since July 17 earlier in the session. Back home, MCX Gold August 5 contracts saw a slight uptick of 0.07 per cent, trading at ₹ 97,890 per 10 grams, while MCX Silver September 5 contracts inched up by 0.05 per cent to ₹ 1,13,107 per kg around 9:15 AM. ' Gold prices fell to their lowest in nearly two weeks, as a framework trade agreement between the US and EU reduced appetite for safe-haven assets. U.S. struck a framework trade agreement with EU, imposing a 15% import tariff on most EU goods - half threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. Agreement mirrors key parts of the framework accord reached by the U.S. with Japan, but like that deal, it leaves many questions open, including tariff rates on spirits, a highly charged topic for many on both sides of the Atlantic,' said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd. Gold declined by 0.21% last week, settling at 97,819 after reaching a high of 100,555. In the spot market, it touched a peak of $3,438 before retreating by 0.40% to close at $3,326. Renewed optimism around tariffs weighed on both gold and silver prices. Silver hit a fresh all-time high of 116,641 during the week but witnessed a sharp correction, ending at 113,052. According to Anuj Gupta, Director, Ya Wealth Research & Advisory, gold and silver price are likely to witness further corrections in short-term amid ongoing Trump's tariff row. ' We are expecting further corrections in gold and silver may be seen. Gold is strong at $3280 and then $3220 levels. Resistance at $3360 and than $3450 levels. For next week gold may test $3280 to $3250 levels. Silver support at $37 and then $36 levels. Strong Resistance at $40,' Gupta said. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
27 minutes ago
- Mint
Copper Rises to Start Pivotal Week Ahead of US Tariffs Deadline
Copper rose to kick off a critical week that includes a Federal Reserve meeting, a swathe of key economic data and the prospect of final details on imminent US tariffs on the industrial metal. The metal rose with other risk assets after the European Union and the US reached a deal that avoids a more catastrophic rupture between two major economies. The agreement comes ahead of a US-China meeting in Stockholm that's expected to extend a trade truce for 90 more days. Further important developments lie ahead this week. The Fed isn't expect to cut rates at the conclusion of its policy meeting on Wednesday, but its commentary will be scrutinized for clues on what comes next. There's also a deluge of US data from the latest on economic growth to jobs. But for copper, the most anticipated development should be the launch of US tariffs, the details of which are still unclear just days ahead of their start date. President Donald Trump's administration has said 50% levies on copper imports will start from this Friday, but hasn't so far confirmed important aspects of the duties. It's not clear which products will be covered, whether supplies from all nations will be hit equally, or how metal already on its way to US shores will be treated. Global traders have shipped massive amounts of copper to America to get ahead of tariffs, and Trump's announcement of an Aug. 1 deadline earlier this month triggered a last-minute scramble. Prices in the US are now much higher than those on the London Metal Exchange, but they don't fully reflect a 50% universal tariff rate on all exchange-traded copper. The premium now stands at about 31%. Copper rose 0.4% to $9,804 a ton on the LME as of 9:22 a.m. in London. Aluminum dropped 0.3% while zinc fell 0.7% and nickel was down 0.9% This article was generated from an automated news agency feed without modifications to text.
Deccan Herald
27 minutes ago
- Deccan Herald
Europe Inc swerves Trump trade war 'hurricane' but laments higher tariffs
Although the deal is better than the 30% rate threatened by Trump and will bring clarity for European makers of cars, planes and chemicals, the 15% baseline tariff is well above initial hopes of a zero-for-zero agreement.
