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Tariff war looms: Trump's 30 percent could hit Europe hard!
US President Trump is threatening 30% tariffs on EU goods. The EU reacts with counter tariffs and emphasizes the need for negotiations.
Tariff war looms: Trump's 30 percent could hit Europe hard!
The trade dispute between the USA and the EU is becoming increasingly widespread and is causing concern on both sides of the Atlantic. US President Donald Trump has threatened a 30 percent tariff on European goods, which is scheduled to come into force on August 1, 2025. This step could have serious effects on the German and European economies. Radioeins reports that Chancellor Merz is already warning about the possible consequences.
Amid this tense situation, EU Commission chief Ursula von der Leyen continued negotiations. Bernd Lange, Chairman of the Trade Committee in the EU Parliament, calls for clear countermeasures to protect European industry. The pressure on Trump must be maintained in order to avert the impending tariffs, said Lange.
Economic threat from high tariffs
The discussions about possible US tariffs are not just a theoretical construct. A maximum of 30 percent tariffs could make transatlantic trade almost impossible, warned EU Trade Commissioner Maros Sefcovic. Tagesspiegel reports that such increases would amount to a de facto trade ban. Accordingly, the EU is preparing counter tariffs on imports of American products worth 72 billion euros if no agreement is reached.
Sefcovic emphasizes that the EU will continue to strive for a negotiated solution by the beginning of August. Preparations for counter-tariffs are understood to include a list of US products that could be prioritized, such as aircraft, cars and bourbon whiskey. This list originally included imports worth 95 billion euros, but was revised without Sefcovic providing further details about the deletions.
The seriousness of the situation and its consequences
The possibility of massive tariff increases is making many companies in the EU sit up and take notice. There is a risk of chaos and mass layoffs if the announced tariffs actually come into force. This not only poses a threat to European industry, but could also put a lasting strain on relations with one of the most important trading partners. ZDF reports about the impact the 30 percent tariff could have on transatlantic trade.
In addition, the EU plans to introduce restrictions on certain exports of steel scrap and chemical products worth 4.4 billion euros to the USA. The new EU anti-coercive instrument could affect US companies' access to public contracts in the EU, further straining key trade relations.
Global economic connections, which will be worth around 1.7 trillion euros in 2024, are in jeopardy. While the EU recorded a surplus of around 198 billion euros in goods trade, a different picture emerges in the services sector, which shows the trade deficit of 50 billion euros with the USA. Negotiating a fair agreement before August 1 is not only in mutual interest, but also a necessity to maintain economic stability on both sides of the Atlantic.