EU Exports to U.S. Face Tariffs Covering Up to 97%
Commissioner Chefchovicz Warns of 100 Billion Euro Retaliatory Measures
The European Union (EU), currently engaged in tariff negotiations with the administration of former U.S. President Donald Trump, has stated that it will not accept an unfair agreement and has raised the possibility of retaliatory measures amounting to 100 billion euros (approximately 157 trillion won).
According to reports from The Wall Street Journal (WSJ) and others on May 6 (local time), Marosi Chefchovicz, EU Commissioner for Trade and Economic Security, made this statement during a plenary session of the European Parliament held in Strasbourg, France, saying, "We are still considering all options."
He said, "We do not consider ourselves weak," and added, "We do not feel any unjust pressure to accept an unfair agreement in the negotiations."
Commissioner Chefchovicz explained that currently, tariffs in trade with the United States apply to 70% of EU goods, and after the imposition of additional tariffs on pharmaceuticals, semiconductors, and timber, tariffs will cover 97%, or approximately 549 billion euros, of EU exports.
He stated, "The United States is expected to collect up to 100 billion euros in tariffs," and emphasized, "The current situation is unacceptable, and we cannot afford to stand by." He added that the EU is prepared to seek a mutually beneficial solution but is also making preparations in case the two sides fail to reach an agreement.
Commissioner Chefchovicz said, "We have suspended the first (retaliatory) measure to create room for negotiations, but we are also preparing measures in anticipation of the need to rebalance in response to the tariffs." This is interpreted to mean that the EU could implement retaliatory measures equivalent to the expected 100 billion euros in tariffs.
Bloomberg News, citing sources, reported that if negotiations fail, the EU is planning to impose additional tariffs on U.S. products worth about 100 billion euros. These retaliatory tariffs are expected to be shared with member states as early as May 7. However, the EU is still focusing on negotiations, and Bloomberg reported that the European Commission is expected to share a document this week with the U.S. that includes proposals such as reducing trade and non-tariff barriers and expanding investment within the United States. Commissioner Chefchovicz also reaffirmed on this day that negotiations remain the top priority.
The EU had planned to impose retaliatory tariffs in response to U.S. steel and aluminum tariffs, but postponed these measures for 90 days until July 14 in response to President Trump's decision to suspend reciprocal tariffs by country for 90 days. Formal tariff negotiations began on April 14.
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