The European Union will impose equivalent tariffs on US goods worth nearly 100 billion euros if the US imposes a 30% tariff on most EU exports starting August 2024.

The EU plans to combine the old and new lists of taxed US goods, expanding the retaliatory measures to include various industrial products such as Boeing aircraft, cars, and bourbon. The Chancellor of Germany warns that if negotiations fail, the risks to the economy of the entire region will increase.

MAIN CONTENT

  • The EU will impose retaliatory tariffs of 100 billion euros on US goods if the US enforces new tariffs.

  • The list of tariffs includes major industrial items such as Boeing, US cars, and bourbon.

  • Germany is committed to supporting expanded anti-coercion measures if no agreement is reached.

How does the EU respond when the US threatens a 30% tariff on EU exports?

A spokesperson for the European Commission confirms that the EU has prepared a plan to increase equivalent retaliatory tariffs on US goods if the US enforces a 30% tariff on most European exports after August 1, 2024.

This plan will consolidate 21 billion euros in previously approved tariffs with a new list worth 72 billion euros, expanding to include key US industrial products such as Boeing aircraft, cars, and bourbon. This is seen as a move to balance trade advantages and protect the EU's domestic manufacturing sector.

EU officials emphasize that this is a precautionary measure to safeguard European businesses amid rising trade tensions.

"We hope for a fair agreement and low tax rates with the US, but if negotiations fail, it will create significant instability for the entire European economy."

O. Merz, Chancellor of Germany, July 2024

What does the EU's retaliatory tariff list on US goods include?

The EU currently has a total retaliatory tariff list of 93 billion euros, including 21 billion euros from the previous list and 72 billion euros from the new list to be applied.

The detailed content focuses on key US industries such as Boeing aircraft, cars, and bourbon, which are high-value export items and play an important role in transatlantic trade.

Focusing on this group of products helps the EU increase economic pressure to counter US tax policy while promoting fairer trade negotiations.

What actions do Germany and EU members support in the absence of an agreement?

Germany, along with many other member states, agrees to implement the EU's Anti-Coercion Instrument (ACI) if no agreement is reached with the US, to expand the scope of retaliatory measures.

The ACI allows the EU to implement economic defensive measures against market abuses or unfair imposed policies from outside.

The Chancellor of Germany emphasizes the importance of maintaining unity in the EU to ensure bargaining power and minimize negative impacts on the regional economy.

What does the Anti-Coercion Instrument (ACI) mean for EU-US trade relations?

ACI is a mechanism to protect the EU from unfair or coercive trade measures from outside, strengthening the EU's negotiating power in negotiations.

Activating the ACI in the context of US-EU trade tensions will expand the range of retaliatory measures while sending a clear message of determination to protect European economic interests.

Analysts believe ACI helps the EU maintain a balance of power in international trade among major economies.

Frequently asked questions

When will the EU impose retaliatory tariffs if the US does not change its policy?

The EU plans to impose retaliatory tariffs as early as August 2024 if the US implements a 30% tariff on most EU exports.

What items are included in the US goods subject to retaliatory tariffs?

The list focuses on Boeing aircraft, cars, bourbon, and other industrial products worth about 93 billion euros.

What is the Anti-Coercion Instrument (ACI) and how does it affect us?

ACI helps the EU implement economic protective measures against unfair trade practices from outside, enhancing negotiating power.

What role does Germany play in this tariff war?

Germany supports the implementation of the anti-coercion instrument and emphasizes the importance of a fair trade agreement to stabilize the EU economy.

How will the imposition of retaliatory tariffs affect European businesses?

Retaliatory tariffs help protect EU businesses from unfair competition, contributing to the maintenance of the domestic market and jobs.

Source: https://tintucbitcoin.com/eu-chuan-bi-doi-pho-thue-my/

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