EU to impose tariffs on 100 bln euros worth of US goods if talks fail

The European Union is ready to impose new tariffs on about 100 billion euros ($113 billion) of American products if trade talks with the United States reach an impasse, Bloomberg reported.

According to anonymous sources, the proposed retaliatory measures will be presented to member states as early as Wednesday, May 7, and consultations will last a month before the list is finalized. During this time, the list may change.

The United States has already imposed tariffs on EU exports worth 380 billion euros, which is about 70% of total exports to the American market, at rates ranging from 10% to 25%. The European Union has said that it will not seek to apply the corresponding tariffs “a tit for a tit”, but instead will try to minimize the impact on the European supply chain.

According to Eurostat, in 2024 the EU exported goods worth €531.6 billion to the US and imported goods worth €333.4 billion, resulting in a trade surplus of €198.2 billion. However, if services are added, the picture becomes more balanced, as the US registers a surplus in this segment. The difference between EU exports to the US and US exports to the EU in 2023 was €48 billion, equivalent to only 3% of total EU-US trade.

Negotiations that started in earnest last month have so far not made any significant progress, and most US tariffs are expected to remain in place.

As a reminder, on 2 April, US President Donald Trump imposed a 10% tariff on all imports from all countries to the US by decree.

On April 10, the European Union temporarily postponed the imposition of trade countermeasures against the United States for 90 days to allow for negotiations.

Tags: USA, restrictions, EU