The European Union has made it clear that it will respond with “firmness and speed” if the United States imposes tariffs on imports from the bloc. This statement comes after President Donald Trump described the trade relationship between the two markets as unfair. However, the European Commissioner of Commerce, Maros Sefcovic, Begs to differ, saying “it is the very definition of an association where everyone benefits, and there is nothing unfair.”
Sefcovic’s comments were made during an event at the American Enterprise Institute in Washington, where he emphasized that the EU does not see any justification for sudden and unilateral tariff increases by the United States. He also highlighted the importance of economic stability and predictability for companies on both sides of the Atlantic. If tariffs were to be imposed, it would create “unnecessary barriers” to exports, affecting agricultural companies and workers in both the EU and the US.
The Commissioner stressed that the EU will do everything possible to avoid such a scenario, but if necessary, “to protect European interests, we will have no choice but to respond firmly and quickly.” This visit comes after Trump threatened to impose “reciprocal tariffs” on his trade partners, describing the EU’s trade policy towards the US as “absolutely brutal.” According to the White House, these tariffs would be tailored to each US trade partner, taking into account the tariffs imposed on American products, as well as taxes considered “discriminatory,” such as value-added tax.
It’s worth noting that the EU is one of the most open economies in the world, with over 70% of imports entering without tariffs. The average tariff rate on both sides is approximately 1%. Recently, Trump imposed 25% customs tariffs on Canada and Mexico, before suspending the measure for a month to allow for negotiations between the three partners. He also increased tariffs by 10% on China and announced 25% customs rates on steel and aluminum, without exceptions, as of March 12. The economic relationship between the EU and the US represents almost 30% of world trade, making it a significant aspect of global commerce.
