EU Prepares to Impose Retaliatory Tariffs on $72 Billion of US Goods

On July 14, Valdis Dombrovskis, the European Commissioner for Trade and Economic Security, stated that if US-EU trade negotiations fail, the EU is prepared to impose additional retaliatory tariffs on US imports worth €72 billion (approximately $84 billion). Just as the EU and the US are striving to reach a trade agreement, US President Trump announced on July 12 that starting August 1, a 30% tariff would be imposed on EU imports. EU member state ministers convened in Brussels on July 14 to discuss how to respond to Trump's latest statements and prepare countermeasures.