The European Union promises a firm response if Donald Trump imposes arbitrary tariffs on European products

 

The European Union, which on Sunday regretted the decision of the United States to impose tariffs on Canada, Mexico and China, promised to respond “firmly” if its products are also affected by arbitrary measures by the administration of President Donald Trump.

“The EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU products,” said a spokesman for the European Commission.

Trump signed three executive orders on Saturday, fulfilling his threats to impose tariffs of 25% on Canada and Mexico and 10% on China, measures that will come into force on Tuesday and to which these countries are expected to respond with trade retaliation.

And last Friday, Trump announced that he will “of course” apply tariffs to products from the European Union.

“At this time, we are not aware of any additional tariffs being imposed on EU products,” said the spokesman for the Community Executive.

Tariffs on the European Union would put “a lot at stake” 

He recalled, however, that the EU's trade and investment relationship with the United States is "the largest in the world" and warned that "there is a lot at stake."

The EU and the United States should therefore consider strengthening this relationship, since widespread tariff measures increase business costs, harm workers and consumers, the Commission spokesman stressed.

He also argued that tariffs create unnecessary economic disruption and drive inflation, which is why they are harmful to all parties.

According to the EU, open markets and respect for international trade rules are essential for strong and sustainable economic growth.

The EU "firmly" believes that low tariffs boost economic growth and stability within a strong, rules-based trading system, the Commission spokesman concluded.

 Almost a third of world trade

The European Union and the United States have the broadest bilateral trade and investment relationship and the most integrated economic relationship in the world.

Together they account for almost 30% of global trade in goods and services and 43% of global GDP. In 2023, transatlantic trade in goods and services was worth more than €1.5 trillion, according to data from the European Commission.

Some ten million people on both sides of the Atlantic work in foreign subsidiaries of US and EU companies, which is a figure greater than the population of New York City or Austria.

EFE