EU and US could reach trade deal this weekend - Reuters
Investing.com -- The European Union is preparing to impose 30% tariffs on approximately €100 billion ($117 billion) worth of US goods if no deal is reached and if US President Donald Trump follows through on his threat to place that rate on most EU exports after August 1, according to a report from Bloomberg.
The European Commission spokesman announced Wednesday that as part of an initial wave of countermeasures, the EU would combine an already approved list of tariffs on €21 billion of US goods with a previously proposed list covering an additional €72 billion of American products into a single package.
The targeted US exports would include industrial goods such as Boeing Co (NYSE:BA). aircraft, US-manufactured cars, and bourbon whiskey. These items would face a levy matching Trump’s threatened 30% tariff, the report noted, citing sources familiar with the matter who requested anonymity.
The EU tariffs would be ready to take effect next month but would only be implemented if no agreement is reached and the US proceeds with its levies after the August deadline.
EU member states, including Germany, have taken harder positions as the US has toughened its negotiating stance. Berlin would reportedly support activating the EU’s anti-coercion instrument (ACI) if no deal materializes, according to a German government official speaking anonymously.