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US presents new tariff proposal: EU summit under pressure!
EU Commission and USA are negotiating customs dispute; There is a risk of special tariffs. Strategy summit on June 26th to avoid escalation.
US presents new tariff proposal: EU summit under pressure!
The US government has submitted a new proposal to the EU Commission to reach an agreement in the ongoing customs dispute. EU Commission President Ursula von der Leyen informed the 27 EU heads of state and government about the details of the proposal at a dinner. At the upcoming summit, the EU Commission's strategy for the final talks with the US government will be discussed. The primary aim is to avoid an escalation of the customs dispute, especially in view of the deadline that expires on July 9th derStandard reports.
At the same time, the EU is preparing special tariffs on US exports worth up to 95 billion euros. These tariffs could extend to a variety of industrial and agricultural products such as cars, sweet potatoes and whiskey. US President Donald Trump has announced that he will impose new special tariffs on EU imports if the EU's offers are deemed inadequate. ZDF reports, that the EU force sees the US tariffs as unjustified and not in line with the rules of the World Trade Organization (WTO).
The EU Commission is planning legal action
In view of the rapid developments, the EU Commission plans to take legal action against the US tariffs at the WTO. It is also considering implementing possible EU export restrictions on products worth 4.4 billion euros. Trade Commissioner Maros Sefcovic has warned urgently about the impact of further US tariffs, which could affect exports worth 170 billion euros.
In total, around 549 billion euros of EU exports to the USA could be affected by the tariffs. The US investigations particularly concern semiconductors, pharmaceuticals and raw materials. Despite the tense situation, the EU had already offered the US an agreement to mutually eliminate all tariffs on industrial goods, but this was rejected by the Trump administration.
Impact on the economy
The European economy is already feeling the consequences of customs policy. German companies are increasingly looking for alternative sales markets due to existing trade barriers. At the same time, possible new agreements are being discussed that could include increasing American exports of liquefied natural gas and importing military technology and agricultural products. The developments in the coming weeks could be decisive in determining the direction in which transatlantic trade relations will develop.