European policymakers underscore the appalling scale of US tariffs. They could crush the EU economy! European Commissioner Maroš Šefčovič estimates that the United States has imposed tariffs on 70% of European exports.
Currently, nearly 70% of European exports worth €380 billion are subject to US tariffs. According to Commissioner for Trade and Economic Security M. Šefčovič, this happened despite Washington’s temporary reduction of universal customs duties on the EU from 20% to 10%. However, that did not save the situation: the current tariffs, ranging from 10% to 25%, “still affect a significant portion of goods coming from the EU,” the official added.
Šefčovič also reminded that the White House plans to expand existing tariffs. For this reason, Washington has launched six anti-dumping investigations, targeting pharmaceuticals, semiconductors, and rare earth minerals. If tariffs are introduced following these investigations, 97% of European exports will fall under their scope, he emphasized.
At the end of last month, US President Donald Trump stated that America's allies had "ripped off" the United States, taking advantage of its protection and financial support. As evidence, he pointed to the trade imbalance with the European Union, “which costs the US $300 billion annually,” the American leader added.
