World
EU considering hitting US with 93 billion euro worth of tariffs: Media
Report says EU draws up tariff list last year but keeps it suspended until 6 February to avoid a transatlantic trade war
The European Union is weighing sweeping retaliatory measures against the United States, including tariffs worth up to 93 billion euros ($107.68 billion) and possible restrictions on American companies’ access to the bloc’s market, in response to US President Donald Trump’s tariff threats linked to Greenland, the Financial Times reported.
Citing officials involved in the preparations, the newspaper said the measures are being drawn up to strengthen Europe’s hand ahead of key meetings between EU leaders and Trump on the sidelines of the World Economic Forum (WEF) in Davos next week.
According to the report, the EU had compiled the tariff list last year but kept it suspended until 6 February in an effort to avoid a transatlantic trade war. However, as tensions escalate over Trump’s remarks on Greenland, representatives of EU member states discussed reactivating the list on Sunday. Talks have also included the possible use of the bloc’s Anti-Coercion Instrument, which would allow the EU to restrict US companies’ access to its market, Xinhua news agency reported.
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The report followed a joint statement issued on Sunday by eight countries directly targeted by the proposed US tariffs — Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the United Kingdom — declaring their “full solidarity” with Denmark and Greenland.
Trump said in a social media post on Saturday that the United States would impose a 10 per cent tariff on goods from the eight countries from 1 February. He warned the rate would increase to 25 per cent from 1 June and remain in force until an agreement is reached on what he described as the “complete and total purchase” of Greenland.
Trump is scheduled to attend the World Economic Forum on Wednesday and Thursday, where he is expected to hold private talks with European leaders, including European Commission president Ursula von der Leyen, and take part in a meeting of Western nations supporting Ukraine.
With IANS inputs
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