EU Minister of Economics: We are not afraid of Trump!
EU Minister of Economics: We are not afraid of Trump!
Österreich - Minister of Economics Wolfgang Hattmannsdorfer has made it clear that the EU does not have to be afraid of the measures of the US government under Donald Trump. In a current statement, he described the entry into force of the first customs package, which is specifically concerned with prestige products from the United States, as a correct step. Hattmannsdorfer also announced a second customs package that is planned for mid-April and is primarily due to meet Republican US states.
In the event of failed negotiations on trade agreements, the EU wants to promote a third package with countermeasures, which in particular includes tech groups and regulatory measures. Hattmannsdorfer emphasizes how important world trade and international relationships are for Austria and the entire EU. In addition, he calls for a reduction in regulatorism for companies and the development of new trade relationships.
EU plans countermeasures
The EU trade commission, led by Maroš Šefčovič, will send a detailed list of measures in the customs dispute with the USA on Monday. Commission President Ursula von der Leyen has already offered an agreement for the mutual cancellation of all tariffs to industrial goods. While Hattmannsdorfer emphasizes that a trade war is of no use, the EU is ready to initiate countermeasures. Up to 70 % of total EU exports are affected by the US tariffs.
The first round of tariffs should apply from April 15, followed by a second wave that comes into force 30 days later. The extensive list of attacked products includes US meat, grain, wine, wood, clothing, chewing gum, dental floss, vacuum cleaner and toilet paper. Šefčovič assumes that an agreement is possible to reduce or abolish the tariffs.
international reactions and effects
The Ireland Minister of Commerce, Simon Harris, has warned of the potential negative effects of such measures for large tech companies that have their European headquarters in Ireland. In the context, leading EU MPs also emphasize the need to strengthen transatlantic cooperation. After Trump's re-election in November 2024, a debate took place in the European Parliament in which the harmful effects of the US tariffs were discussed on companies and consumers.
In addition, the European Commission has provided potential counter-tariffs to cushion the effects of the increased US tariffs. Hattmannsdorfer commented on Elon Musk's proposal to create a free trade zone between North America and Europe, and considered this to be desirable, but in practice as unrealistic.
The current situation illustrates the tensions in transatlantic trade and the challenges that arise for the EU from the unilateral customs measures in the United States. It remains to be seen how the planned EU measures will influence the trade relationships in the long term and whether a compromise between the two sides can be achieved.
For further information you can report the reports of OE24 href = "https://www.kleinezeitung.at/wirtschaft/19557432/us-zoelle-eu-will-die-counter-ab-15-April-schaf-stellen"> Kleine Zeitung and the DetailsOrt Österreich Quellen
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