The European Union announced May 7 a 200+-page list of U.S. exports that could be subject to “countermeasures” (likely increased tariffs) if the U.S. does not remove tariffs on imports from the EU, including a “reciprocal” tariff (which is currently at 10 percent but could increase to 20 percent as of July 9), a Section 232 tariff of 25 percent on automobiles and auto parts, and a Section 232 tariff of 25 percent on steel, aluminum, and derivative products.
The EU said it will accept public comments on this list, which targets about €95 billion worth of U.S. goods, through June 10. The EU will then use those comments to finalize a proposal for the adoption of countermeasures and consult member states. The EU aims to have a legal act imposing countermeasures ready to use in case ongoing negotiations with the U.S. “do not produce a satisfactory result.”
The EU is also (1) initiating a public consultation on possible restrictions on €4.4 billion worth of EU exports of steel scrap and chemical products to the U.S., (2) launching a World Trade Organization dispute against the U.S. reciprocal and auto/auto parts tariffs, (3) monitoring the potential diversion of global exports from the U.S. to the EU, and (4) continuing to pursue negotiations with other trading partners to find new export outlets and diversify sources of supply.
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