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British Media: EU Prepares to Impose Retaliatory Tariffs to Ensure Better Trade Agreement with Trump
Summary: According to the Financial Times, a senior official has warned that the EU must make a 'credible threat' of retaliation in the trade war initiated by Trump in order to secure a good agreement before the upcoming negotiation deadline. Two EU officials stated that the Chief of Staff to the EU Commission President told EU ...
According to the Financial Times, a senior official has warned that the EU must make a 'credible threat' of retaliation in the trade war initiated by Trump in order to secure a good agreement before the upcoming negotiation deadline. Two EU officials stated that the Chief of Staff to the EU Commission President told EU ambassadors last week after the G7 summit that a strong response prospect would help convince the US President to reduce the high tariffs imposed on the EU. German Chancellor Merkel also hinted that her government would support taking tougher measures. She stated on Tuesday, 'If no agreement is reached, we are prepared to use various options. We are able and will defend our interests.' The Chief of Staff informed the ambassadors that the EU Commission President von der Leyen is ready to escalate negotiations for a better agreement. He requested their support for a package of tariffs on $95 billion worth of US goods and mentioned that the EU Commission is also preparing measures for the service industry - including taxing US tech companies and restricting US companies from obtaining public procurement contracts. One official stated that the message being conveyed is, 'We need to leverage through a credible rebalancing plan.'
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Link: British Media: EU Prepares to Impose Retaliatory Tariffs to Ensure Better Trade Agreement with Trump [Copy]
