Priyanka Tiwari
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France's Minister for European Affairs, Benjamin Haddad, declared on Wednesday that the European Union can be more inclusive when responding to tariffs from the American government.
Haddad also stated on TF1 television that no one stands to benefit from a trade war.
President Donald Trump’s stronger tariffs on all imports of steel and aluminum from other countries took effect on Wednesday, intensifying a campaign to shift global trade standards to benefit the United States, and which Europe responded to quickly.
In the morning of the same day, the European Union declared intentions of adding counter taxation fees on US goods worth 26 billion euros ($28 billion) starting July of this year, as stated by the European Commission on Wednesday, accenting the ongoing global trade warfare as a reply to the American caps on steel and aluminum borders.
The EU self-governing body stated, however, that it remains willing to start new talks while insisting that increased borders could only harm the parties involved.
The European Commission today announced the expiry of the temporary freeze on the US product tariffs on April 1, with the tariffs automatically taking effect April 13, fully eliminating any and all US product tax exemptions.
"We have strong but measured response plans in place to counter the programs that are currently set in motion, for example, The US has applied tariffs of 28 billion dollars which we counter with 26 billion euros," Ursula von der Leyen said in a statement that was made Tuesday to the reporters. "The EU needs to protect both its consumers and businesses.” The suspended tariffs concern products like motorbikes, bourbon, and boats, and now the EU stated that it will conduct a consultation period of 2 weeks in order to select additional product types. The other EU measures are expected to target goods valued at 18 billion euros with the general aim that these proposed measures balance the net impact of the new US tariffs on trade by the EU. "While these discussions happen, I would like to say that we remain open at all times,” von der Leyen said. "In a politically charge environment, these tariffs would burden our economies and that is not something that caters to our common interests.” The proposed target products include industrial and agricultural products including but not limited to chicken and beef, eggs, dairy products, sugar, oil, vegetable, steel, aluminium, textiles and home appliances.
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