 "EU plans ‘term sheet’ of concessions to secure partial rollback of Trump’s tariffs")
The European Union is assessing potential concessions to offer the Trump administration in an effort to secure a partial rollback of US tariffs, which have already begun impacting the bloc’s exports and are set to rise after April 2.
During meetings in Washington this week, EU officials were informed that the upcoming auto and reciprocal tariffs—set to be imposed by Trump next week—could not be avoided, according to Bloomberg, which cited sources familiar with the discussions. Talks also touched upon the framework for a possible agreement to mitigate these trade measures.
The move prompted the European Commission, which oversees the EU’s trade policy to start drafting a “term sheet” outlining areas for negotiation. This document is expected to include proposals such as reducing certain EU tariffs, promoting mutual investment with the US and adjusting regulations and standards. Bloomberg cited sources who spoke on the condition of anonymity.
Higher tariffs could be placed on the European Union and Canada if they both work together “to do economic harm to the USA”, President Trump said on Thursday.
“If the European Union works with Canada in order to do economic harm to the USA, large scale tariffs, far larger than currently planned, will be placed on them both to protect the best friend that each of those two countries has ever had,” he said in a post on Truth Social.
On Wednesday, Trump unveiled a 25% tariff on imported vehicles, expanding a global trade war and prompting criticism and threats of retaliation from affected U.S. allies.
Impact Shorts
More ShortsEuropean Commission President Ursula von der Leyen described the move as “bad for businesses, worse for consumers,” while Canadian Prime Minister Mark Carney labelled the tariffs a “direct attack” on Canadian workers and said retaliatory measures were being considered.
The new levies on cars and light trucks will take effect on April 3, the day after Trump plans to announce reciprocal tariffs aimed at the countries responsible for the bulk of the US trade deficit. They come on top of duties already introduced on steel and aluminium, and on goods from Mexico, Canada and China.
Earlier this month, the US imposed a 25% tariff on steel and aluminium imports, prompting the EU to draft retaliatory duties on up to €26 billion worth of politically sensitive American goods. The EU has been consulting with member states and industries on a targeted list, with a final response expected by mid-April following a vote around April 9, according to sources.
In response, Trump has warned of a 200% tariff on European wine, champagne, and other alcoholic beverages if the EU proceeds with its planned levy on American whiskey exports, which is set to take effect on April 14.
However, the EU is unlikely to act immediately on the reciprocal tariffs, as officials want time to evaluate the full extent of Washington’s measures. EU trade ministers are scheduled to meet on April 7 to discuss the U.S. tariffs and formulate a potential response.
With inputs from agencies
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