The European Union must speed up the preparation of countermeasures, including tools to counter coercion, after the United States threatened 30% tariffs on imports of EU goods, French President Emmanuel Macron said today, quoted by Reuters and BTA.
“More than ever, the Commission must demonstrate the union's determination to defend European interests resolutely“, Macron wrote in “Ex“.
The EU's instrument against coercion (ACI) allows the bloc to respond to third countries that put economic pressure on EU member states to change their policies and offers a wide range of measures, Reuters points out. It allows the EU to restrict access to public procurement tenders for companies from third countries and take action affecting trade in services or investment.
The 30 percent tariffs that US President Donald Trump has threatened to impose on EU imports could cause serious damage to both the European and American economies, German Economy Minister Katharina Reiche said, quoted by BGNES and NOVA.
“The tariffs will harm Europe's export business, while also having a serious impact on the US economy and consumers“, the minister said.
Reiche stressed the need for immediate de-escalation of tensions, calling for a “pragmatic solution in the negotiations“ to be found as soon as possible.