EU braces for impact: "We are still trying to understand the exact math and ideas behind the so‑called retaliatory tariffs"
Trade ministers from EU countries met at an extraordinary meeting in Luxembourg to discuss the EU's strategy regarding tariffs imposed by US President Donald Trump. "We should remain united in our response," said Deputy Minister of Development Michał Baranowski.
The European Union is developing a strategy in response to Donald Trump's 20 percent American tariffs on the EU. "Tariffs like we saw last week haven’t been seen in the last 100 years," Baranowski commented in Luxembourg, where ministers’ meetings are held in April. He recalled that a century ago, tariffs led to a significant crisis, resulting in the loss of millions of jobs and intensifying political extremism.
The EU is preparing a strategy for Trump's tariffs
The Polish presidency convened the meeting in the EU Council in connection with the response being prepared by the European Commission towards the United States. As the Deputy Minister of Development emphasized, the purpose of the meeting is to formulate guidelines for the EC on how to respond to the so-called retaliatory tariffs imposed last week by the United States. He added that the meeting aims to maintain unity among member states on this matter.
The EC initially announced retaliation for American tariffs. In the first instance, the EU is to respond to tariffs imposed by the Trump administration on steel and aluminum; a decision is expected this week following a vote by member countries. The US also imposed tariffs on the automotive industry and so-called retaliatory tariffs, which, for the EU, would amount to 20 percent.
"We are still trying to understand the exact math and ideas behind the so-called retaliatory tariffs, but it is entirely clear that there will be no winners in this confrontation. In reality, as you all know and have seen just over Thursday and Friday, the American stock market lost over $5 trillion," said Deputy Minister Baranowski. On Sunday, Trump admitted that he would not negotiate the tariff issue with the EU until the EU pays the dues from its trade surplus with the USA.
Commissioner Maroš Šefčovič is handling negotiations on behalf of the EC. Before the meeting, he informed the ministers about the state of talks with Washington. On Friday, the Slovak discussed tariffs with the American Secretary of Commerce, Howard Lutnick.
