The European Union (EU) has announced plans to impose retaliatory tariffs on up to $28 billion worth of U.S. imports. This decision comes in response to U.S. President Donald Trump’s implementation of broad tariffs, including a 25% duty on steel and aluminum, as well as additional levies on various goods from the EU and other countries.
The EU’s proposed countermeasures target a range of American products, such as meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper. Notably, a 50% tariff on bourbon has been suggested, prompting President Trump to threaten a 200% counter-tariff on EU alcoholic beverages. BHARAT GLOBAL TIME
European leaders have expressed a preference for negotiation over escalation. EU Trade Commissioner Maros Sefcovic described recent discussions with U.S. counterparts as “frank,” emphasizing that the U.S. tariffs are “damaging” and “unjustified.” Nevertheless, the EU is prepared to implement countermeasures if necessary.
The imposition of these tariffs has raised concerns about a potential global recession. Financial markets have reacted negatively, with significant declines observed in major indices. For instance, the FTSE 100 plunged 6% to a one-year low, and over $9.5 trillion has been wiped from global equities in recent days. Economists warn that the tariffs could lead to increased consumer prices and economic slowdown.
As the situation develops, both the EU and the U.S. face critical decisions that will impact international trade relations and the broader global economy. BHARAT GLOBAL TIME
By BHARAT GLOBAL TIME
