Latest news with #LarsLøkkeRasmussen
Yahoo
3 days ago
- Business
- Yahoo
EU Leaders ‘Prepare for War' Against Trump's Tariffs
European trade officials met in Brussels on Monday to game out a plan to deal with looming 30-percent duties that will be levied by the United States beginning Aug. 1. After voicing strong disapproval of President Donald Trump's weekend announcement of the new tariff rate, representatives from the 27-member trade bloc now say they will retaliate with tariffs of their own if a deal is not reached by the deadline. More from Sourcing Journal US Warehouse Vacancies Hit Decade High as Tariff Fears Stall New Leasing These Retailers Are Raising Prices Because of Trump's Tariffs China's Production Spillover Floods Asian Markets, Threatening Local Supply Chains Denmark Foreign Minister Lars Løkke Rasmussen called Trump's threats 'absolutely unacceptable' and told reporters that the bloc 'shouldn't impose countermeasures at this stage, but we should prepare to be ready to use all the tools in the toolbox.' According to NPR, the leader said that the Scandinavian country wants a deal, but he invoked a truism to describe the current conundrum: 'If you want peace, you have to prepare for war.' Following Trump's Saturday release of letters to Mexico and the European Union, European Commission President Ursula von der Leyen sought to strike a diplomatic tone. 'Few economies in the world match the European Union's level of openness and adherence to fair trading practices,' she said in a statement. 'The EU has consistently prioritized a negotiated solution with the U.S., reflecting our commitment to dialogue, stability, and a constructive transatlantic partnership.' While the bloc is 'ready' to continue working towards an agreement by the end of the month, von der Leyen said it would take 'all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.' The escalation in tension comes after a cooling off period that lasted several months. The EU had planned to implement retaliatory duties on more than $24 billion in American-made goods as a response to Trump's 'Liberation Day' tariff announcement, wherein he hit the continent with 20-percent across the board duties. Trump ultimately paused those tariffs for 90 days (though he threatened the EU with 50-percent duties weeks later) and Europe, too, backed off on its plan in hopes that a deal could be reached. The end of the reciprocal tariff pause last week was marked by a flurry of announcements from the American president, delivered to dozens of trade partners in letter form via his platform of choice, Truth Social. European leaders were unsurprisingly nonplussed by the development. French President Emmanuel Macron voiced his 'strong disapproval' of the announcement of the steep tariffs, which he said came 'after weeks of intense engagement by the Commission in negotiations with the United States, on the basis of a solid offer made in good faith.' Macron said it was now up to the Commission to 'resolutely defend European interests' by 'speeding up the preparation' of countermeasures and other trade tools to defend against the tariff impact if a consensus can't be reached. Italian Prime Minister Giorgia Meloni also decried the U.S. tariffs but supported the European Commission in negotiating on behalf of the trade bloc. 'A trade war within the West would make us all weaker in the face of the global challenges we are addressing together,' she said in a statement Sunday. 'Europe has the economic and financial strength to uphold its interests and reach a fair and common-sense agreement. Italy will do its part, as always.' As Europe prepares to hold its ground, Trump struck a more conciliatory tone on Monday, saying, 'We are open to talk, including to Europe. In fact, they're coming over, they'd like to talk to us.' 'They would like to do a different kind of a deal and we're always open to talk,' he told reporters from the Oval Office. Meanwhile, Mexican President Claudia Sheinbaum on Monday expressed greater confidence than her European counterparts that the country could reach a deal with the U.S. before the tariffs take effect. During her morning news conference, Sheinbaum referenced Trump's missive, saying, 'The letter clearly states that they are seeking an agreement to avoid these tariffs, which are set for August 1st.' 'We will continue working and hope to reach an agreement,' she added. 'The most important thing for us is that employment is not affected and that cooperation between our countries is maintained.'
National Post
5 days ago
- Business
- National Post
EU vows 'robust' countermeasures if Trump enacts 'unacceptable' 30% tariffs
BRUSSELS — EU trade ministers agreed Monday that U.S. President Donald Trump's announcement of 30% tariffs on the European Union was 'absolutely unacceptable,' and they are studying a new set of countermeasures to respond to the move. Article content The ministers met Monday in Brussels following Trump's surprise announcement over the weekend of such hefty tariffs, which could have repercussions for governments, companies and consumers on both sides of the Atlantic. The EU is America's biggest business partner and the world's largest trading bloc. Article content Article content Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said after the meeting that it was 'very obvious from the discussions today, the 30% is absolutely unacceptable.' Article content Article content He said that the commission was sharing proposals with the 27 member countries 'for the second list of goods accounting of some 72 billion euros ($84 billion) worth of U.S imports. They will now have a chance to discuss it. This does not exhaust our toolbox and every instrument remains on the table.' Article content Lars Løkke Rasmussen, foreign minister of Denmark, which recently assumed the presidency of the EU, said the ministers vowed to work together in negotiating a trade deal with Washington or agreeing on countermeasures. 'The EU remains ready to react and that includes robust and proportionate countermeasures if required and there was a strong, feeling in the room of unity,' Rasmussen told reporters after the meeting. Article content The tariffs, also announced for Canada and Mexico, are set to start on Aug. 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S., and destabilize economies from Portugal to Norway. Article content Article content Meanwhile, Brussels decided to suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. Article content The 'countermeasures' by the EU, which negotiates trade deals on behalf of its 27 member countries, will be delayed until Aug. 1. Trump's letter shows 'that we have until the first of August' to negotiate, European Commission President Ursula von der Leyen told reporters in Brussels on Sunday. Article content Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said negotiations would continue Monday. Article content 'I'm absolutely 100% sure that a negotiated solution is much better than the tension which we might have after the 1st of August,' he told reporters in Brussels on Monday. But he added that 'we must be prepared for all outcomes.' Article content 'I cannot imagine walking away without genuine effort. Having said that, the current uncertainty caused by unjustified tariffs cannot persist indefinitely and therefore we must prepare for all outcomes, including, if necessary, well-considered proportionate countermeasures to restore the balance in our transit static relationship.'
Fast Company
5 days ago
- Business
- Fast Company
EU trade ministers call Trump's 30% tariffs ‘absolutely unacceptable'
EU trade ministers agreed Monday that U.S. President Donald Trump 's announcement of 30% tariffs on the European Union was 'absolutely unacceptable,' and they are studying a new set of countermeasures to respond to the move. The ministers met Monday in Brussels following Trump's surprise announcement over the weekend of such hefty tariffs, which could have repercussions for governments, companies and consumers on both sides of the Atlantic. The EU is America's biggest business partner and the world's largest trading bloc. Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said after the meeting that it was 'very obvious from the discussions today, the 30% is absolutely unacceptable.' He said that the commission was sharing proposals with the 27 member countries 'for the second list of goods accounting of some 72 billion euros ($84 billion) worth of U.S imports. They will now have a chance to discuss it. This does not exhaust our toolbox and every instrument remains on the table.' Lars Løkke Rasmussen, foreign minister of Denmark, which recently assumed the presidency of the EU, said the ministers vowed to work together in negotiating a trade deal with Washington or agreeing on countermeasures. 'The EU remains ready to react and that includes robust and proportionate countermeasures if required and there was a strong, feeling in the room of unity,' Rasmussen told reporters after the meeting. The tariffs, also announced for Mexico, are set to start on Aug. 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S., and destabilize economies from Portugal to Norway. Meanwhile, Brussels decided to suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. The 'countermeasures' by the EU, which negotiates trade deals on behalf of its 27 member countries, will be delayed until Aug. 1. Trump's letter shows 'that we have until the first of August' to negotiate, European Commission President Ursula von der Leyen told reporters in Brussels on Sunday. Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said negotiations would continue Monday. 'I'm absolutely 100% sure that a negotiated solution is much better than the tension which we might have after the 1st of August,' he told reporters in Brussels on Monday. But he added that 'we must be prepared for all outcomes.' 'I cannot imagine walking away without genuine effort. Having said that, the current uncertainty caused by unjustified tariffs cannot persist indefinitely and therefore we must prepare for all outcomes, including, if necessary, well-considered proportionate countermeasures to restore the balance in our transit static relationship.' The letters to the EU and Mexico come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump imposed tariffs in April on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, he began sending tariff letters to leaders, but again has pushed back the implementation day for what he says will be just a few more weeks. If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy. The American Chamber of Commerce in the European Union, an influential industry group representing major American corporations in Europe, said the tariffs could 'generate damaging ripple effects across all sectors of the EU and US economies' and praised the EU's delay of countermeasures. In the wake of the new tariffs, European leaders largely closed ranks, calling for unity but also a steady hand to not provoke further acrimony. Just last week, Europe was cautiously optimistic. Officials told reporters on Friday they weren't expecting a letter like the one sent Saturday and that a trade deal was to be inked in 'the coming days.' For months, the EU has broadcast that it has strong retaliatory measures ready if talks fail. Reeling from successive rebukes from Washington, Šefčovič said Monday the EU is 'doubling down on efforts to open new markets' and pointed to a new economic agreement with Indonesia as one. The EU top brass will visit Beijing for a summit later this month while courting other Pacific nations like South Korea, Japan, Vietnam, Singapore, the Philippines, and Indonesia, whose prime minister visited Brussels over the weekend to sign a new economic partnership with the EU. It also has mega-deals in the works with Mexico and a trading bloc of South American nations known as Mercosur, and Šefčovič will meet with his counterpart from the United Arab Emirates next week. While meeting with Indonesia's president on Sunday, Von der Leyen said that 'when economic uncertainty meets geopolitical volatility, partners like us must come closer together.'
The Guardian
5 days ago
- Business
- The Guardian
Trump's 30% tariffs would ‘practically prohibit' EU-US trade, says Šefčovič
Donald Trump's threat to impose 30% tariffs on European goods would 'practically prohibit' transatlantic trade, the EU's lead negotiator with the US has said. Arriving for talks with European ministers in Brussels, Maroš Šefčovič, the EU trade commissioner, said a tariff of 30% or more would have a huge impact, making it 'almost impossible to continue' current transatlantic trade, which is worth €4.4bn (£3.8bn) a day. Expressing disappointment, he said his negotiating team thought they had been close to a deal. 'The feeling on our side was that we are very close to an agreement,' as he said the two sides had been negotiating an agreement in principle – the outlines of a deal – for four weeks prior to Trump's blunt announcement at the weekend. The US president said on Saturday that EU imports would face a tariff of 30% from 1 August, denting European optimism that talks to secure a still painful 10% duty were almost finalised. In response to Trump's latest deadline, the EU decided to postpone retaliatory countertariffs on €21bn of US goods that had been due to kick in at midnight on Monday until 1 August. Ministers will also discuss plans for a further round of countermeasures, targeting €72bn of US imports to the EU. Denmark's foreign minister, Lars Løkke Rasmussen, who will chair the talks, said Europe did not want a trade war with the US, which would be 'devastating' for both sides. 'We don't want to escalate things then, on the other hand, we also need to flash some muscles,' he said. France has called for an acceleration of preparations on countermeasures and said the EU should be ready to use its untested 'anti-coercion instrument', a law to impose punitive measures on a country seen to be using trade as a weapon. Striking a different tone, Germany has called for a 'pragmatic' response, while Italy has warned against a trade war. Countries in central and eastern Europe are also concerned that countermeasures could trigger a withdrawal of US military support in Europe. Lithuania's foreign minister, Keṣtutis Budrys, said the EU had to avoid escalation, citing 'geoeconomic challenges' and 'the issues that we have to solve together with the US, like fentanyl'. Trump has accused Canada and Mexico of not doing enough to combat flows of the opioid into the US, although the issue is not known to have been a feature of EU-US trade talks.
Asharq Al-Awsat
5 days ago
- Business
- Asharq Al-Awsat
European Trade Ministers Meet to Forge Strategy after Surprise 30% Tariffs from Trump
European trade ministers are meeting in Brussels on Monday, following US President Donald Trump's surprise announcement of 30% tariffs on the European Union. The EU is America's biggest business partner and the world's largest trading bloc. The US decision will have repercussions for governments, companies and consumers on both sides of the Atlantic, the Associated Press said. 'We shouldn't impose countermeasures at this stage, but we should prepare to be ready to use all the tools in the toolbox,' said Denmark's foreign minister, Lars Løkke Rasmussen, told reporters ahead of the meeting. 'So we want a deal, but there's an old saying: 'If you want peace, you have to prepare for war.'' The tariffs, also imposed on Mexico, are set to start on Aug. 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the US, and destabilize economies from Portugal to Norway. Meanwhile, Brussels decided to suspend retaliatory tariffs on US goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. The 'countermeasures' by the EU, which negotiates trade deals on behalf of its 27 member countries, will be delayed until Aug. 1. Trump's letter shows 'that we have until the first of August' to negotiate, European Commission President Ursula von der Leyen told reporters in Brussels on Sunday. The letters to the EU and Mexico come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump in April imposed tariffs on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, he began sending tariff letters to leaders but again has pushed back the implementation day for what he says will be just a few more weeks. If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy. In the wake of the new tariffs, European leaders largely closed ranks, calling for unity but also a steady hand to not provoke further acrimony. Just last week, Europe was cautiously optimistic. Officials told reporters on Friday they weren't expecting a letter like the one sent Saturday and that a trade deal was to be inked in 'the coming days." For months, the EU has broadcast that it has strong retaliatory measures ready if talks fail. Reeling from successive rebukes from Washington, the EU is now diversifying its economic, political and defense networks, mostly in Asia. The EU top brass will visit Beijing for a summit later this month while courting other Pacific nations like South Korea, Japan, Vietnam, Singapore, the Philippines, and Indonesia, whose prime minister visited Brussels over the weekend to sign a new economic partnership with the EU. It also has mega-deals in the works with Mexico and a trading bloc of South American nations known as Mercosur. While meeting with Indonesia's prime minister on Sunday, Von der Leyen said that 'when economic uncertainty meets geopolitical volatility, partners like us must come closer together.'
