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EU Readies €35 Billion Response to U.S. Car Tariff
The European Union is prepared to levy punitive tariffs on €35 billion ($39 billion) in U.S. goods if the Trump administration imposes a 25% tax on EU vehicles.
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The European Union is prepared to levy punitive tariffs on €35 billion ($39 billion) in U.S. goods if the Trump administration imposes a 25% tax on EU vehicles.
European Trade Commissioner Cecilia Malmstrom tells a European Parliament committee that the list of targeted goods is prepared and ready for immediate use.
“We will not accept any managed trade, quotas or voluntary export restraints,” Malmstrom declares. If the U.S. imposes them, she says, the EU would “rebalance” them with its own taxes.
President Donald Trump has repeatedly threatened to tax cars from the U.S. on the grounds that they pose a national security threat. Malmstrom describes that assessment “absurd.”
Trade talks between the two regions have stalled over a U.S. demand that the EU open its markets to significantly more American agricultural products. That issue is a “red line” for Europe, she says.
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