{"id":14945,"date":"2025-02-02T15:23:42","date_gmt":"2025-02-02T15:23:42","guid":{"rendered":"https:\/\/financialrush.com\/?p=14945"},"modified":"2025-02-02T15:23:42","modified_gmt":"2025-02-02T15:23:42","slug":"eu-to-respond-firmly-if-trump-imposes-tariffs","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=14945","title":{"rendered":"EU to \u2018respond firmly\u2019 if Trump imposes tariffs"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=71f21eec-1687-4336-91c7-10ad7056b0da&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The EU has said it regrets US President Donald Trump\u2019s decision to hit Canada, Mexico and China with <a href=\"https:\/\/www.ft.com\/content\/b9101226-edc1-4cde-93ec-186bc95021d7\" data-trackable=\"link\">sweeping tariffs<\/a>, and said it would respond firmly if a threat to expand the trade measures to Europe was fulfilled.<\/p>\n<p>Trump sparked a <a href=\"https:\/\/www.ft.com\/content\/32bedf88-cf5d-494e-ae45-4f94a3cec6f9\" data-trackable=\"link\">global trade war<\/a> this weekend in announcing the measures against three of the US\u2019s largest trading partners after the EU, which has the largest trade deficit with Washington. The Trump administration has so far refrained from imposing tariffs on the EU despite the US president saying on Friday that he would \u201cabsolutely\u201d do so. <\/p>\n<p>A spokesperson for the EU\u2019s executive said that the bloc\u2019s trade and investment relationship with the US was the biggest in the world, adding: \u201cThere is a lot at stake.\u201d<\/p>\n<p>\u201cAcross-the-board tariff measures raise business costs, harm workers and consumers,\u201d the spokesperson said. \u201cTariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides.\u201d<\/p>\n<div class=\"n-content-layout\" data-component=\"flourish\" data-component-id=\"21428369\" data-component-type=\"flourish-in-article\">\n<figure class=\"n-content-picture n-content-layout__container\"><a href=\"#21428369\"><picture data-asset-type=\"flourish\" data-flourish-id=\"21428369\" data-flourish-type=\"visualisation\">\n<div id=\"21428369\" class=\"cp-message o-message o-message--inform o-message--notice\" data-o-component=\"o-message\">\n<div class=\"o-message__container\">\n<div class=\"o-message__content\">\n<p class=\"o-message__content-main\">Some content could not load. Check your internet connection or browser settings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><\/picture><\/a><\/figure>\n<\/div>\n<p>\u201cAt this time, we are not aware of any additional tariffs being imposed on EU products,\u201d the Commission said on Sunday. \u201cHowever, the EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.\u201d<\/p>\n<p>EU officials began drawing up contingency plans for a Trump trade war last summer. <\/p>\n<p>The initial approach was to negotiate areas where the EU could buy more US products, such as liquefied natural gas, and narrow the trade deficit that the president regularly decries. Some capitals are also banking on pledges to increase their national defence spending in a bid to appease Trump, who wants Nato members to spend 5 per cent of GDP on their military.<\/p>\n<p>Should all those efforts fail, the Commission\u2019s trade department has spent months drawing up lists of US imports it could hit with duties of 50 per cent or more. Brussels it has kept details of those retaliatory measures secret in order not to provoke Trump.<\/p>\n<p>With confirmation hearings for Trump appointees ongoing in Washington, the EU\u2019s trade commissioner, Maro\u0161 \u0160ef\u010dovi\u010d, \u201cstands ready to engage as soon as his counterparts are confirmed\u201d, said an EU official.<\/p>\n<p>Klaas Knot, a member of the governing council of the European Central Bank, said on Sunday that he expected countries to retaliate against US measures and <a href=\"https:\/\/www.ft.com\/content\/5a262286-e53b-44d7-a99f-5dd26c1fb1e3\" data-trackable=\"link\">exacerbate a trade war<\/a> that would damage all sides.<\/p>\n<p>\u201cEurope will not want to be pushed around. We are also a powerful trade bloc with 400mn consumers,\u201d Knot, who is president of the Netherlands\u2019 central bank, told Dutch television on Sunday.<\/p>\n<p>Trump imposed the blanket tariffs against Canada and Mexico by invoking the International Emergency Economic Powers Act, which allows him to take measures in response to \u201can unusual and extraordinary threat.\u201d <\/p>\n<p>He would need to find justification to potentially use the same tool against the EU, or use tariffs targeting certain industrial sectors on security grounds, as he did during his first presidency.<\/p>\n<\/p><\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/71f21eec-1687-4336-91c7-10ad7056b0da\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for&hellip;\n","protected":false},"author":6,"featured_media":14946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-14945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/14945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14945"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/14945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/14946"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}