Europe Weighs Impact of U.S. Tariffs on Key Industries

French Industry Minister Marc Ferracci emphasizes the importance of examining the effects of U.S. tariffs on industries like aerospace and luxury goods. The European Union aims for a firm, proportionate response to avoid economic escalation, as President Trump's tariffs impact global trade dynamics.

French Industry Minister Marc Ferracci underscored the critical need on Wednesday to assess how the U.S. tariffs are influencing key sectors such as aerospace, cosmetics, and luxury goods. This analysis is vital to determining an appropriate European Union response.

In a statement to Franceinfo radio, Ferracci highlighted the necessity for the EU's reaction to be both firm and proportionate. The goal is to prevent a retaliatory cycle that could cost jobs across various industries.

The tariffs, described as 'reciprocal' by President Donald Trump, went into effect on Wednesday. Among them are steep 104% duties on Chinese goods, which have intensified the ongoing global trade war as the U.S. prepares for further negotiations.

(With inputs from agencies.)