In a forthcoming update on Thursday, the European Union’s executive body is expected to outline additional details regarding its planned countermeasures against U.S. tariffs, as confirmed by European Trade Commissioner Maros Sefcovic on Wednesday.
During a press conference in Singapore, Sefcovic stated, “Tomorrow we will announce next preparatory steps, both in the area of potential rebalancing measures and in aspects that are crucial for ongoing discussions.”
Sefcovic emphasized that the EU is making thorough preparations to address any outcomes if the ongoing trade negotiations do not reach a favorable resolution.
“Negotiations certainly take precedence, but not at any expense,” he remarked, indicating that the bloc remains committed to pursuing a negotiated settlement with the United States as a priority.
“We are closely collaborating with our member states, consulting industry representatives, and engaging with key stakeholders to ensure we are prepared for any eventualities,” Sefcovic added.
Initially, former President Trump instituted a 20% “reciprocal” tariff on all goods imported from the EU, but on April 9, he suspended those tariffs for a period of 90 days to facilitate negotiations, temporarily reducing the rate to 10%. However, a 25% tariff on imported foreign cars, as well as on steel and aluminum, remains in effect.
Currently, the EU has suspended its original set of retaliatory tariffs, which were designed to counteract the U.S. metal duties, and these measures aimed at approximately 21 billion euros ($24.1 billion) worth of U.S. products, primarily imposing a tariff rate of 25%.
