The European Commission officials on Monday presented EU member states with a €2.8 billion list of over 100 US products that could be affected in response to the US President Donald Trump proposal to place tariffs on European steel and aluminum. The list includes such consumer goods as clothing, cosmetics, motorcycles, as well as agricultural products such as corn, orange juice, and bourbon.
Bernd Lange, chairman of the INTA committee (International Trade) says the European Union doesn’t have to match the US tariffs cent for cent, but should carefully aim at American exports such as soya bean, sweetcorn, and corn.
Last week, Trump said that he intends to impose a 25 percent tariff on steel and 10 percent on aluminum in an attempt to protect US industry.
The European Commission estimates that the tariffs announced by Trump could affect €5 billion in annual EU steel exports to the US, and €1 billion in aluminum exports, the EU’s “rebalancing” measures would only cover around €2.8 billion of US exports.