7 hours agoEU: pharmaceutical products and chips targeted by American tariffs
Periskopi(a year ago)
(a year ago)European Trade Commissioner Maros Sefcovic has raised the alarm for a possible trade clash with the United States, claiming that the US could set tariffs to up to 97% of European exports. He warned that new investigations launched by the US administration could lead to a series of tariffs [...]
He warned that new investigations launched by the US administration could lead to a series of new tariffs on goods from the EU, including pharmaceutical products, semi-displosure, critical minerals and parts for trucks.
In addition to an ongoing search into timber, the US administration recently opened six further investigations to determine the effect of imports on national security”, Sefcovic said, speaking before the European Parliament in Strasbourg.
He underlined that if these investigations resulted in tariffs, then “97% of EU exports to the US would submit to import duties representing a commercial volume of $549 billion (622.8 billion dollars)”.
“Situate as such is not acceptable and we cannot afford to stand aside”, he said.
Sefcovic reaffirmed that the EU is committed to a diplomatic solution, but is also preparing for more aggressive scenarios.
“Now we need the US to show readiness to make progress towards a fair and balanced solution”, he stressed.
Brussels is considering the possibility of a lawsuit in the international instance to preserve multilateral trade rules, while intensifying talks with other trade partners.
“The US represents 13% of global trade. It's too much. But we must not forget the remaining 87%”, Sefcovic concluded. /Periscope/
