EU Is Prepared to Retaliate Against US Tariffs It's no news that many tariffs are coming out of the US against other countries. These tariffs are impacting countries such as Mexico, Canada, China, and now the European Union...
By Matt Rowe
This story originally appeared on Due
It's no news that many tariffs are coming out of the US against other countries. These tariffs are impacting countries such as Mexico, Canada, China, and now the European Union (EU). The EU now is planning for retaliation if needed.
EU Prepared to Retaliate Against US Tariffs
Ursula von der Leyen, European Commission President has spoken out about the EU's retaliatory plan. "Europe has not started this confrontation…we do not necessarily want to retaliate, but we have a strong plan to retaliate if necessary" said Von der Leyen. Von der Leyen and her team are not rushing this decision. They are waiting for further announcements from US President Donald Trump on Wednesday April 2nd. Leyen also mentioned that she believes that additional tariffs from the US or the EU would increase inflation. Leyen said that increased inflation is "exactly the opposite of what we want to achieve."
Many believe that this plan and confidence from the US won't stop President Trump. Trump has already placed multiple tariffs such as steel and aluminum tariffs, automotive tariffs, and tariffs on wines and spirits from the EU. Trump is planning on announcing additional tariffs later this week, calling that day "Liberation Day". Still, President Von der Leyen believes tariffs are not the right path. She said "I hear Americans, when they say some others have taken advantage of the rules" and that she agrees with that statement. She also adds that "We also suffer from it. So let us work on it. But tariffs across the board make things worse, not better."
While the details of the potential EU retaliatory plan aren't certain, many believe that the EU leadership is on the defensive when it comes the US and Trump. Trump has been threatening these tariffs since taking office, and has been harsh on the EU for "antitrust enforcement" against major tech companies within the US. Additionally, Trump has made a bid to annex Greenland. It's safe to say that the two parties are not on the best of terms at the moment. Von der Leyen and her team seems willing to negotiate, but also prepared if the situation goes south.
Featured Image Credit: Kaboompics; Pexels: Thank You!
The post EU Is Prepared to Retaliate Against US Tariffs appeared first on Due.
