EU Flags Flutter in Front of European Central Bank (ECB) Headquarters in Frankfurt, Germany July 18, 2024.
Jana Rodenbusch | Reuters
European Leaders are gathering monday to discus how to finance huge investments in defense – but the latest moves by us president donald trump will loom large Over the Mending.
Over the weekend, trump confirmed upcoming tarifs on goods from mexico, canada and china, due to kick in on tuesday. For now, European Goods Were Spared, but Eu Officials Know Thei Block Well Be Next in Line.
The US President has not been shy in sharing his opinions on europe’s trade practices. In Fact, Overnight, Trump Told Reporters, “It will definitely happy with the european union.”
“I can tell you that, because they really taken advantage of us. And, you know, we have over a $ 300 billion deficit. I would say there’t a timeline but iit’s going to be pretty soon,”
In 2023, The United States were the Eu’s Larget Export Market, According to the European Statistics OfficeAlthough the bloc also important significant Amounts from the US
While the eu sells mostly cars and pharmaceutical products to the us, it imports mostly oil and natural gas from the US
There’s a consensus in the european union that one way to mitigate trade tensions with the us will be by by increasing energy purchase.
Speaking Ahead of the Europe Union Leaders’ Meeting on Monday, an eu official, who did not want to be named due to the delicate nature of the relationship with the us, said they expected trumps to be mentioned.
“I don’t expect a specific discussion on tariffs but the issue is likely to be raised by some leaders,” The official told cnbc Sunday.
Firm response
In the meaning, the eu has been prepaering for potential tariffs from the united states and has vowed a “firm” firm “Response to any new duties.
“The European Union Regrets The Us Decision to Impose Tarifs on Canada, Mexico, and China,” A spokesperson for the European Commission, Told CNBC Suunday.
“The eu firmly believes that low tariffs Drive Growth and Economic Stability Within A Stability A Stability A Stability, Rules-Based Trading System. However, The Eu Would Responded FIMMLY to Partner ARILYLY MPOSES TARIFS on EU Goods, “They Added.
And Although Trump’s Latest Duties Do Not Target the Eu Directly, Officials in the Block are aware of their indirect consumers.
A Senior Diplomat, who did not want to be named due to the sensitivity of the issue, told cnbc there’s a realization that a trade confidence with the eu is approaching.
“The eu can still negotiate, including by buying more lNG, but it will be very hard (to avoid an escalation),” The Senior Diplomat Said.
