EU ready to retaliate if US enacts new tariffs
The European Commission has pledged a firm response to any potential U.S. tariffs on the European Union, stressing that such measures lead to economic disruptions and contribute to inflation.
The European Commission has affirmed its readiness to protect the European Union's interests if the U.S. enforces what it considers unjust tariffs. It emphasized that such measures create avoidable economic disruptions, drive inflation, and negatively impact all parties involved.
In mid-January, the European Commission stated that it would take action to protect the EU's interests if Donald Trump decided to impose tariffs on the bloc after assuming the U.S. presidency. EC spokesman Olof Gill affirmed that, if necessary, the Commission would defend the interests of the EU, its businesses, and its member states.
New tariffs on products from Canada, Mexico, and China
On Sunday, the European Commission regretted the U.S. decision to raise tariffs on products from Canada, Mexico, and China. An EC spokesman, quoted by AFP, emphasized that the EU firmly believes lower tariffs contribute to economic growth and stability.
The White House announced that the new tariffs, which will take effect on February 4th, are a response to the influx of fentanyl across US borders and China's involvement in supplying drug cartels. The regulation establishes a 25% tariff on goods from Canada and Mexico and a 10% tariff on products from China.
The White House regulation states that the tariffs may be lifted if the affected countries take "sufficient actions to alleviate the crisis." Trump also announced plans to impose tariffs on the European Union.
