The European Union (EU) is poised to vote on whether to approve tariffs on approximately €21 billion worth of goods originating from the United States. This decision follows the EU’s retaliation against recent tariffs imposed by President Donald Trump. The bloc will decide on a return for the 25% tariffs on European steel and aluminum that were initiated last month. Following this move, there is speculation about whether the EU will pursue retaliatory tariffs, potentially leveraging the Anti-Coercion Instrument (ACI), a powerful tool designed to protect against unfair trade practices.
EU’s Trade Minister Benjamin Dousa stated that while the bloc initially imposed tariffs in retaliation, the EU now prefers free trade and aims for mutually beneficial agreements. He highlighted the U.S. as a crucial partner and emphasized a collaborative approach between Europe and the United States. Dousa also expressed his belief that retaliatory measures would only prolong trade tensions.
To this end, the EU is actively negotiating with the U.S. to eliminate all tariffs on industrial goods. This strategy reflects the EU’s long-standing commitment to free trade.
Meanwhile, Ursula von der Leyen, President of the European Commission, emphasized the bloc’s desire for dialogue and negotiations. The commission will be recommending a tariff plan that includes a “zero-for-zero” scheme on industrial goods such as cars, pharmaceuticals, chemicals, and machinery. This proposal is aimed at promoting economic stability and ensuring fair trade practices.