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One day away from Washington's rollout of tariffs, the EU says it's ready to retaliate
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Europe holds a lot of cards, from trade to technology to the size of our market
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But this strength is also built on our readiness to take firm countermeasures if necessary
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On Wednesday, or Liberation Day, as US President Donald Trump has called it
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the US will impose fresh tariffs on import. I have decided for purposes of fairness that I will charge a reciprocal tariff
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He says the reciprocal tariffs will match the duties imposed by other countries on U.S. products
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Trump claims the measures will free the U.S. from a reliance on foreign imports
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but the EU says Trump's tariffs are counterproductive. Tariffs will just fuel inflation, exactly the opposite of what we wanted to achieve
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American factories will pay more for components that are produced in Europe
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This will cost jobs It will create a bureaucratic monster of new customs procedures
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The US has already imposed 25% tariffs on aluminium and steel imports
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But it's still unknown exactly how Wednesday's duties will be implemented The EU plans to impose duties on US goods worth some $28 billion
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dollars, including aluminium and steel products, but also textiles, home appliances and farm goods
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It had already threatened a 50% retaliatory tariff on whiskey before backtracking pending negotiations
