EU to Retaliate Against 30% U.S. Tariffs Monday

European officials have called for swift action in response to the recent tariff announcements by U.S. President Donald Trump. Bernd Lange, the Chair of the European Parliament's Committee on International Trade, emphasized the urgency of the situation, stating that the EU should promptly adopt countermeasures on Monday. Lange described Trump's tariffs as a "slap in the face to negotiations," highlighting the need for a decisive response to protect European economic interests.

The EU's President of the European Commission, Ursula von der Leyen, also addressed the issue, noting the potential disruption to vital transatlantic supply chains. She pointed out that a 30% tariff on EU exports to the U.S. would harm businesses, consumers, and patients on both sides of the Atlantic. The EU has consistently advocated for resolving differences through negotiation and remains committed to reaching an agreement by August 1st.

The EU's countermeasures are part of a broader trade dispute with the U.S., which the bloc views as an unjustified attack on its industries. The EU has vowed to retaliate against the U.S. tariffs, with plans to implement the first list of countermeasures on Monday and a second list to follow swiftly thereafter. The countermeasures are expected to target key sectors of the U.S. economy, aiming to inflict maximum economic damage while minimizing the impact on European consumers.

This decision marks a significant escalation in the trade war between the two economic powers. The EU's prompt response is seen as a necessary step to defend its interests in the face of what it perceives as unfair trade practices. The situation is likely to evolve rapidly, with potential repercussions for global trade and economic growth. The EU's actions are expected to have a significant impact on both the European and U.S. economies, underscoring the importance of finding a resolution to the ongoing trade dispute.