Latest news with #trademeasures
Yahoo
6 days ago
- Automotive
- Yahoo
EU member states adopt retaliatory hit list in response to US tariffs
The member states on Thursday approved the list of retaliatory tariffs proposed by the European Commission to counter US trade measures, with only Hungary voting against. The list includes an initial package of measures adopted in early April and targets products including aircraft, cars and car parts, orange juice, poultry, soybeans, steel and aluminium, yachts. Bourbon whiskey was also included in the list despite intense lobbying by France and Ireland which fear US retaliation on wine and spirits. EU Industries were also consulted before the Commission proposed the list to the member states. The countermeasures will only enter into force if no deal is reached by the 1 August, the deadline set by US president Donald Trump from when he's set to impose 30% tariffs on EU imports. Anti-coercion instrument A qualified majority of member states also appears willing to trigger the anti-coercion instrument, which would enable the EU to hit US services if no deal is reached. Germany was for a long time resistant to using this powerful bazooka, but has now joined France, which has long been a strong advocate of the anti-coercion instrument. Following a dinner on Wednesday between German Chancellor Friedrich Merz and French President Emmanuel Macron, a source from the Élysée stated the shared vision of both leaders on the ongoing negotiations between the EU and the US. 'They hoped for a satisfactory outcome to the discussions that would safeguard the EU's interests,' the source said, adding 'while simultaneously accelerating work on countermeasures — including the anti-coercion instrument — in coordination with the Commission, should an agreement not be reached.' The US currently impose 50% on EU steel and aluminium, 25% on cars and 10% on all imports.
Yahoo
6 days ago
- Automotive
- Yahoo
EU member states adopt retaliatory hit list in response to US tariffs
The member states on Thursday approved the list of retaliatory tariffs proposed by the European Commission to counter US trade measures, with only Hungary voting against. The list includes an initial package of measures adopted in early April and targets products including aircraft, cars and car parts, orange juice, poultry, soybeans, steel and aluminium, yachts. Bourbon whiskey was also included in the list despite intense lobbying by France and Ireland which fear US retaliation on wine and spirits. EU Industries were also consulted before the Commission proposed the list to the member states. The countermeasures will only enter into force if no deal is reached by the 1 August, the deadline set by US president Donald Trump from when he's set to impose 30% tariffs on EU imports. Anti-coercion instrument A qualified majority of member states also appears willing to trigger the anti-coercion instrument, which would enable the EU to hit US services if no deal is reached. Germany was for a long time resistant to using this powerful bazooka, but has now joined France, which has long been a strong advocate of the anti-coercion instrument. Following a dinner on Wednesday between German Chancellor Friedrich Merz and French President Emmanuel Macron, a source from the Élysée stated the shared vision of both leaders on the ongoing negotiations between the EU and the US. 'They hoped for a satisfactory outcome to the discussions that would safeguard the EU's interests,' the source said, adding 'while simultaneously accelerating work on countermeasures — including the anti-coercion instrument — in coordination with the Commission, should an agreement not be reached.' The US currently impose 50% on EU steel and aluminium, 25% on cars and 10% on all imports. Sign in to access your portfolio
Yahoo
6 days ago
- Automotive
- Yahoo
EU adopts retaliatory hit list in response to US tariffs
The member states on Thursday approved the list of retaliatory tariffs proposed by the European Commission to counter US trade measures, with only Hungary voting against. The list includes an initial package of measures adopted in early April and targets products including aircraft, cars and car parts, orange juice, poultry, soybeans, steel and aluminium, yachts. Bourbon whiskey was also included in the list despite intense lobbying by France and Ireland which fear US retaliation on wine and spirits. EU Industries were also consulted before the Commission proposed the list to the member states. The countermeasures will only enter into force if no deal is reached by the 1 August, the deadline set by US president Donald Trump from when he's set to impose 30% tariffs on EU imports. Anti-coercion instrument A qualified majority of member states also appears willing to trigger the anti-coercion instrument, which would enable the EU to hit US services if no deal is reached. Germany was for a long time resistant to using this powerful bazooka, but has now joined France, which has long been a strong advocate of the anti-coercion instrument. Following a dinner on Wednesday between German Chancellor Friedrich Merz and French President Emmanuel Macron, a source from the Élysée stated the shared vision of both leaders on the ongoing negotiations between the EU and the US. 'They hoped for a satisfactory outcome to the discussions that would safeguard the EU's interests,' the source said, adding 'while simultaneously accelerating work on countermeasures — including the anti-coercion instrument — in coordination with the Commission, should an agreement not be reached.' The US currently impose 50% on EU steel and aluminium, 25% on cars and 10% on all imports. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
