EU prepares 72 billion euro counter-move against US

EU Trade Commissioner Maros Sefcovic spoke about the move the EU would take against customs duties if tariff negotiations with the US fail, during a joint press conference with Danish Foreign Minister Lars Lokke Rasmussen. Sefcovic announced that a new list covering 72 billion euros worth of US products has been prepared, which could be subject to customs duties by the EU in retaliation for the US implementation of a 30 percent tariff increase. Sefcovic said, "We still strongly believe that our transatlantic relations deserve to be resolved through negotiation, and that this will lead to renewed stability and cooperation. Today, I will continue my meetings with my US counterparts."

"WE MUST BE PREPARED"

Emphasizing that they also discussed retaliatory measures to rebalance trade with the US at the EU Foreign Affairs Council meeting on trade, Sefcovic stated, "We must be prepared for all outcomes. This includes taking well-considered, proportionate measures to restore balance in our transatlantic relationship if necessary. Our measures on steel and aluminum are suspended until the beginning of August. The Commission is sharing the second tariff list, covering approximately 72 billion euros worth of imports from the US, with member states today."

"UNACCEPTABLE"

Signaling that there are other steps the EU could take besides this retaliatory measure, Sefcovic said, "Our tools are not exhausted by this. Every plan remains on the table. As we have clearly stated, we want to use every day, every opportunity, and every minute until August 1 to find a negotiated solution. This is the clear preference of all ministers. However, it was very clearly seen in today's meetings that 30 percent is absolutely unacceptable. This rate is a level that effectively bans any trade. In this case, we will negotiate as intensively as possible and as comprehensively as necessary, and we will try to achieve results by August 1." Stating that they will prepare for a negative outcome in addition to continuing negotiations, Sefcovic said, "As I said before, everything is on the table, including the Anti-Coercion Instrument (ACI). But we will handle these step by step and in order."

"NEGOTIATIONS ARE ONGOING"

Reminding that he will meet with his American counterparts today and receive information about the atmosphere in the White House, Sefcovic said, "As for the meetings at the highest level, European Commission President Von der Leyen has been in contact with US President Donald Trump several times and has also had several phone calls with him. We are not only talking to our direct counterparts but also to White House officials. Negotiations are continuing at all levels."

"WE MUST BE PREPARED TO RESPOND"

Danish Foreign Minister Rasmussen said that US President Donald Trump's threat of a 30 percent tariff is absolutely unacceptable. Rasmussen stated, "There was a complete consensus among the ministers. We must be prepared to respond if necessary. We do not want a trade war with the US. We want to prevent this. Our basic impression was that we were very, very close to an agreement in principle, but unfortunately, this was not possible due to the US President's letter. But our fundamental vision is still to reach an agreement. Nevertheless, we want to send a clear signal here. This must be a fair deal for everyone. If this is not achieved, then we cannot rule out any of the options we have," emphasizing that they are working on a second retaliation list against the US.

News Source: İHA