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We’ve only recently seen the first written response from the European Union on retaliatory measures. The European Union has warned the U.S. that if it imposes tariffs on the automotive industry, it will not only hurt the U.S. economy, but the EU will also impose its own taxes.
Initially, the taxes they announced would target products worth about $3.2 billion. The goods include motorcycles, boats, whiskey, and peanut butter. This was only enforced after the U.S. announced taxes on imported steel and aluminum products. If the tariffs go through, the U.S. can expect to feel the repercussions, too.
The United States and the European Union trade just over $1.2 trillion each year in goods and services. The second round of 160 products of American exports includes sunbeds, paper towels, corduroy pants, and porcelain tableware. Those goods are expected to be worth $4.3 billion a year and could be next on the chopping block if nothing is resolved quickly. Other exports like jeans and bourbon will experience a 25% tariff from the EU along with cranberries, orange juice, sweetcorn, and peanut butter.
The repercussions of the ongoing disagreements between the U.S. and the European Union would include harm to trade, growth, and jobs in the U.S. and abroad. EU Trade Commissioner Cecilia Malmström says the EU isn’t seeking issues with the United States; it is merely responding to what Trump is announcing from Washington, D.C.
The EU could retaliate against U.S. products worth up to $300 billion. The U.S. automotive sector could lose 4 million jobs. A meeting is set to take place with the EU Commission President traveling to Washington, D.C., organized by the Department of Commerce on July 19th.
Experts within the industry have warned that the European Union’s retaliation tactics could encourage Trump’s administration to strike with more taxes, resulting in another round of acceleration. Relations between the U.S. and the European Union could ripple through trade, growth, and jobs in the United States.
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