EU proposes EUR 95 billion in countermeasures in response to Trump tariffs – Reuters

Today, May 8, the European Commission proposed countermeasures against US imports worth up to EUR 95 billion if negotiations with the US do not result in the abolition of a number of tariffs imposed by US President Donald Trump.

It was reported by Reuters.

Thus, the new measures that the EU is considering in response to US tariffs on cars and broader "corresponding" tariffs will be aimed at US cars and auto parts, aircraft, chemicals, electrical equipment, health products, machinery, wine, fish.

The European Commission said it was starting a month-long consultation with EU members and businesses so that they could react - after which it would make a final decision on its counter-tariffs, which are likely to affect a smaller volume of US imports.

The EU currently faces 25% US import tariffs on steel, aluminium and cars, as well as so-called "reciprocal" tariffs of 10% on almost all other goods, which could rise to 20% after the end of a 90-day pause announced by Trump on July 8.

The Commission, which coordinates the trade policy of the 27 EU members, has repeatedly said it would prefer a negotiated solution to tit-for-tat tariffs, but wants to have a response ready in July in case a solution is not found.

The new list of products that the EU could target was announced on the day Trump is expected to announce a trade deal between the United States and the United Kingdom.

Meanwhile, Trump announced new restrictions on imports of foreign films. In a statement on the Truth Social platform, he announced the introduction of a 100 percent tariff on all films produced outside the United States. It should be noted that China had previously threatened to reduce imports of Hollywood films in response to Trump's tariffs.