As trade tensions between the European Union and the US reach a critical point, the EU is preparing a second wave of retaliatory tariffs targeting billions of dollars in US exports each year. This move comes amid stalled negotiations and the looming threat of the US imposing steep 30 per cent tariffs on nearly all EU goods starting August 1.
Caught off guard by the sudden threat of these duties, the European Commission swiftly responded with plans to impose counter tariffs on US exports valued at EUR 72 billion, a measure that could also impact the EU’s own economy.
With both sides gearing up for a potential trade showdown, the stakes are higher than ever for industries on both continents.
What is the EU’s second retaliatory tariff package?
The European Commission has tabled plans to impose counter tariffs on US goods valued at approximately EUR 72 billion, following the earlier proposal targeting EUR 95 billion. This revised list focuses on specific US industrial products, such as aircraft and aircraft parts, machinery, automotives, chemicals, plastics, and medical equipment.
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