The European Union is preparing to introduce tariffs on US goods worth 116 billion euros a year, but still hopes to reach an agreement to minimize mutual tariffs, Bloomberg reported.
According to its information, the European Union has prepared two blocks of tariffs - a minimum set of “tariffs on US exports worth 21 billion euros, including soybeans, some agricultural products and motorcycles“. The EU is threatening to impose these tariffs unless the US removes its current 10% tariffs on European steel, aluminium and cars.
The maximum tariff package is worth another €95 billion and will include “all key categories of US exports, including Boeing planes, cars, bourbon“. It would be used if the US follows through on its threat to impose tariffs on all European exports. The tariffs were originally due to be imposed on July 9, and the European Commission has set July 9 as the deadline for reaching an agreement with the US. However, on July 7, the White House announced that it would postpone the tariffs until August 1, giving Brussels and Washington three more weeks to agree on a possible deal.
Bloomberg claims that if the EU and the US do not reach an agreement by August 1, US tariffs on European products could reach 50%.
At a briefing in Brussels on July 7, European Commission spokesman Olof Gill refused to answer reporters' questions about the details of the trade talks with the US, stating only that “negotiations are ongoing“ and that “the European Commission's position remains unchanged - it is aimed at reaching a deal and reducing mutual tariffs to zero“.
European Trade Commissioner Maroš Šefčovič, who is overseeing the negotiations, has sharply reduced his media activity in recent weeks. Brussels analysts differ in their assessments of what is happening, and pro-American experts consider this a sign of an imminent failure of the negotiations. Pro-European experts express optimism and hope for a “last-minute agreement“.
On July 7, Trump notified the leaders of several countries of his plans to introduce tariffs on imports of their products from August 1, including Kazakhstan (25%), the Republic of Korea (25%), Japan (25%), South Africa (30%), Indonesia (32%), Serbia (35%), Laos (40%), Myanmar (40%).