EU Approves 93 Billion Euro Counter-Tariffs Pending US Trade Talks

The European Union has approved a single package of counter-tariffs worth 93 billion euros ($109 billion) on U.S. goods, set to take effect on August 7 if trade talks with the United States fail. This move consolidates two previously proposed lists of tariffs, targeting a wide array of U.S. imports including bourbon, aircraft, soybeans, cars, and whisky, with rates potentially reaching up to 30 percent. The EU's countermeasures come in response to U.S. President Donald Trump's threat to impose a 30-percent levy on EU goods unless a trade deal is reached by August 1. EU officials emphasize that their primary goal remains negotiating a deal to avoid these tariffs, with ongoing discussions between European and U.S. trade representatives. The U.S. proposal under consideration reportedly includes sectoral exemptions for aircraft, lumber, pharmaceuticals, and agricultural goods, while the EU also plans possible restrictions on U.S. services sectors such as technology and finance if negotiations fail. Key EU capitals like Paris and Berlin have advocated for a firm stance to demonstrate readiness to retaliate if necessary, reflecting tensions in transatlantic trade relations.