The prosperous trade relationship between the European Union and the United States is under serious threat. According to European Union Trade Commissioner Maros Sefcovic, Washington's decision to impose a 30% tariff starting August 1 is to blame. He warned that these duties could dismantle the long-standing, mutually beneficial transatlantic partnership.
Sefcovic stated that such a hefty tariff rate would "prohibit" trade between the EU and the United States. He believes that commerce would become virtually impossible. The commissioner also noted that European leaders are deeply disappointed by the US president's decision to push ahead with sweeping tariffs. Nevertheless, the EU remains open to negotiations.
Notably, Donald Trump recently announced a 30% tariff on EU goods, set to take effect on August 1. The US leader added that if European authorities respond with retaliatory measures, the US will simply raise its own tariffs by an equivalent amount.
In response, European Commission President Ursula von der Leyen pledged to "take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required." She previously warned that tariffs on EU exports would "disrupt key transatlantic supply chains." Experts conclude that the result would be pain on both sides of the Atlantic, affecting companies and consumers alike.
