EU to respond 'firmly and swiftly' if US imposes tariffs
The European Union sees "no justification" for additional tariffs on EU products by the United States and is ready to respond "firmly and swiftly" if they are introduced, EU Trade Commissioner Maroš Šefčovič said in Washington on Wednesday.
Speaking in the US capital, Šefčovič rejected claims that European tariffs are higher than existing US tariffs. The data shows this is not true, he said, noting that "the EU is one of the most open economies in the world, with over 70 per cent of imports entering at zero tariff"
Since Donald Trump returned to power in the United States, he has indicated on several occasions that he will impose "reciprocal tariffs" to match the tariffs imposed by the countries of origin of similar products. Trump also announced the reinstatement of tariffs on steel and aluminum, similar to those imposed during his first term.
Peaks on both sides
"With regard to our EU-US trade relations, the overall picture is very balanced," Šefčovič said. On average, U.S. products are taxed at 0.9 per cent in the EU, while European products face a 1.5 per cent tariff in the United States, he explained.
Šefčovič acknowledged that there are tariff peaks on both sides of the Atlantic for certain products, such as US cars in Europe and European trucks in the US. But looking at the bigger picture, there is no justification for a sudden and unilateral increase in US tariffs, he said.
© PHOTO JIM WATSON / AFP
