The European Union is preparing a response to new import tariffs imposed by US President Donald, as French President Emmanuel Macron convenes leaders of the most hit sectors for a meeting later Thursday.
Issued on: 03/04/2025 - 07:53
1 min
Calling the US tariffs a “major blow to the world economy", EU chief Ursula Von der Layen said Europe is “prepared to respond".
Trump on Wednesday - calling it "Liberation Day", because it was a "declaration of economic independence" - announced a ten percent minimum tariff on most goods entering the US, and a higher 20 percent rate for imports from the EU.
"We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out on Thursday, referring to plans to impose counter tariffs on up to €26 billion of US goods this month in response to US steel and aluminium tariffs that took effect on 12 March.
"We’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail," she added, without detailing future measures.
The ten percent "baseline" tariff comes into effect on Saturday, while the elevated rates will take effect on 9 April.
Trump said extra tariffs were being reserved for countries “that treat us badly”, with some of the worst hit in Asia: 49 percent on Cambodia or 46 percent on Vietnam, with Chinese goods taxed at 34 percent.
These are separate tariffs from the 25 percent on all foreign-made cars and trucks that went into effect Thursday morning.
Certain goods like copper, pharmaceuticals, semiconductors, lumber and gold will not be subject to the tariffs, according to the White House.
US Treasury Secretary Scott Bessent warned against countermeasures, saying on Fox News: "If you retaliate, there will be escalation”.
French President Emmanuel Macron will convene all representatives of business sectors hit by the new tariffs, the French presidency said on Thursday.
The French wine industry, which had been worried Trump's threat to impose a 200 percent tariff on imported wine and spirits, is so far not targeted by a specific tax.
Nevertheless, the industry is expecting sales to drop at least 20 percent in the United States, the French wine and spirits exporters group FEVS told the Reuters news agency.
(with newswires)