EU approves $109 bn retaliatory tariffs against US, if talks fail

The decision, reached on July 25 by EU member states—with only Hungary dissenting—covers a wide range of US exports including aircraft, automobiles and car parts, soybeans, orange juice, poultry, steel, aluminium, and luxury yachts. Bourbon whiskey also remains on the list, despite objections from France and Ireland concerned about reciprocal US duties on European wine and spirits, as per reports from Global newswires.

The countermeasures include an initial tranche of tariffs valued at €21 billion agreed in April, and a second, larger list worth €72 billion proposed by the European Commission earlier this month. European industries were consulted in shaping the final list.

President Trump had warned earlier this month that the US would impose 30 per cent tariffs on EU imports from August 1 unless a trade deal was secured. Ongoing discussions have reportedly brought both sides closer to a compromise that may involve a 15 per cent baseline tariff rate, but the EU is moving ahead with contingency measures in the event that no settlement is reached.

The European Commission has yet to formally implement the tariff package. If no agreement is finalised by August 1, the tariffs will take effect on August 7, the reports added.

Fibre2Fashion News Desk (KD)