EU Gears Up for Counter-Tariffs Amid U.S. Trade Tensions

In response to new U.S. tariffs, the EU is preparing countermeasures to protect its interests. European Commission President Ursula von der Leyen emphasized that negotiations are still possible, but measures are being readied should talks fail. EU leaders are striving to avoid a trade war, yet strategizing targeted retaliations.

European Commission President Ursula von der Leyen criticized President Trump's tariffs as economically damaging and stated the EU's readiness for countermeasures if discussions with Washington collapse. The EU is finalizing a tariff package valued at 26 billion euros in retaliation against U.S. steel and aluminium tariffs.

With additional countermeasures being prepared, von der Leyen expressed determination to shield EU interests and businesses. Italian PM Giorgia Meloni mentioned potential negotiations to prevent a trade conflict, although she acknowledged the necessity of an 'adequate' EU response.

EU trade dynamics are unbalanced, with fewer U.S. imports compared to European exports. Smart, targeted EU retaliations are under consideration, leveraging sectors like public procurement and services. Despite efforts to negotiate, the EU remains poised to act if needed to safeguard its economic landscape.

(With inputs from agencies.)