In response to President Trump's proposal of a 50% tariff on EU goods, EU officials call for respect and mutual cooperation in trade discussions, warning that escalating tensions may harm both economies.
EU Responds Firmly to Trump's Tariff Threats with Call for Respect in Trade Deal
EU Responds Firmly to Trump's Tariff Threats with Call for Respect in Trade Deal
The EU Trade Commissioner emphasizes negotiations over intimidation as US President Trump threatens a steep tariff on EU imports.
The European Union has reacted assertively to US President Donald Trump's recent threats of imposing a hefty 50% tariff on all goods imported from the EU. Maros Sefcovic, the EU's Trade Commissioner, highlighted the bloc's commitment to negotiating a trade deal characterized by "respect" rather than intimidation during a conversation with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.
Following Trump's declaration on his Truth Social platform, expressing frustration about the slow progress in EU-US trade discussions, Sefcovic stated, "The EU is fully engaged and committed to securing a deal that works for both sides," reinforcing that EU-US trade relations, valued at over $600 billion last year, require mutual respect and not threats.
Earlier on Friday, Trump expressed his impatience by setting a deadline of June 1 for implementing the tariff increase, along with his assertion that he was not actively pursuing a deal but had already established terms. However, he suggested that a substantial investment from a European firm might prompt him to reconsider the timing of these tariffs.
In light of Trump’s threats, European officials have voiced concerns regarding the detrimental impact that increased tariffs could have on both economies. Irish Prime Minister Micheál Martin stated, “We do not need to go down this road. Negotiations are the best and only sustainable way forward.” French Foreign Minister Laurent Saint-Martin noted their stance of de-escalation while remaining prepared to respond to any aggressive actions.
German Economy Minister Katherina Reiche echoed these sentiments, urging a negotiated resolution, while Dutch Prime Minister Dick Schoof expressed support for the EU's approach in ongoing trade discussions.
Trump’s previous tariffs had already resulted in a 20% levy on most EU goods, which he subsequently reduced to 10% until July 8 to facilitate further negotiations. His discontent with the EU primarily stems from a perceived trade imbalance favoring European exports, particularly in the automotive and agricultural sectors, prompting calls for re-evaluation of the trading landscape.
As tensions escalate with Trump's tariff threats, markets reflected the uncertainty, with shares in both the US and EU declining significantly, signaling the potential for broader economic repercussions.
