Top EU officials warned on Tuesday that the world's largest trading group “has a lot of cards” in dealing with new tariffs from the Trump administration and has a good plan to retaliate.
U.S. President Donald Trump promised import taxes on other countries on Wednesday. He said they will save the United States from relying on foreign goods.
He vowed to impose “reciprocity” tariffs on responsibilities other countries have charged on U.S. products, and dubbed on “Liberation Day” on April 2.
European Commission President Ursula von der Leyen told EU lawmakers: “This confrontation has not begun in Europe. We don't have to retaliate, but if necessary, we have strong plans to retaliate and we will use it.”
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The EU Executive Committee negotiates trade deals on behalf of the group’s 27 member states and manages trade disputes on their behalf.
Von der Leyen said at the European Parliament meeting in Strasbourg, France: “Europe has many cards, from trade to technology to our market size.
The commission has intended to impose tariffs on U.S. goods in mid-April to deal with Trump's steel and aluminum tariffs. The EU's responsibilities will target steel and aluminum products, as well as textiles, household appliances and agricultural products.
It is unclear about how Trump’s taxation is actually implemented, especially “reciprocal” tariffs, the EU hopes to assess its impact before taking retaliatory actions.
“So many Europeans are totally frustrated by the announcement of the United States,” von der Leyen said. “It’s the largest and most prosperous trade relationship in the world. If we can find a constructive solution, we will all be better.”
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