US EditionEU eyes tariffs on $108 billion of U.S. goods over new Trump threat: Report
The European Union plans tariffs and trade restrictions worth €93 billion against the U.S. to counter President Trump's Greenland purchase attempt and tariff threats.
- On Jan. 18, the European Union prepared retaliatory measures including €93 billion in tariffs as EU ambassadors convened in Brussels.
- Over the weekend, President Donald Trump threatened 10% tariffs from Feb. 1 on eight countries, rising to 25% on June 1 unless a Greenland deal is struck, while diplomats held emergency talks in Brussels on Sunday considering the Anti-Coercion Instrument.
- A Commission spokesperson confirmed on February 6 that the suspension of the €93 billion counter-tariff package expires, triggering automatic counter-tariffs unless renewed, and the Anti-Coercion Instrument could restrict U.S. companies' EU market access.
- With an assembly vote due on Jan. 26, the European Parliament looks likely to suspend work on the EU-U.S. trade deal, as Helen McEntee stated, `These tariffs are not compatible with the EU-US agreement and they risk undermining the strength of our trans-Atlantic relationship at a time when co-operation matters more than ever.`
- Several EU leaders are expected at the World Economic Forum in Davos later this week, with economists warning months or potentially quarters of tariff uncertainty could unsettle European markets.
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The EU is considering how it responds to Trump's threat of punitive tariffs. Economic weapons have them many, but some also meet the EU itself.
Finance Minister Elisabeth Svantesson (M), says that the EU does not intend to bow down to American threats of tariffs and taking over Greenland.
European leaders will not be overly opposed to the US purchase of Greenland, a Danish autonomous territory, US President Donald Trump, who has repeatedly expressed his desire to annex the Arctic island, said on Monday. The US's aspirations to take over Greenland, a Danish autonomous territory that is not part of the EU, will be discussed in the European Parliament. EU finance ministers will discuss possible countermeasures in Brussels in respons…
Donald Trump's draconian customs regime is critical around the world, but the EU is not an orphan's boy in terms of tariffs either. Its leverage is access to the internal market. With the claim to be a regulatory superpower, it damages itself enormously.
Europe Readies Its ‘Bazooka’ Defense Of Greenland
With the US no longer feeling “an obligation to think purely of Peace” and threatening to escalate tariffs, Europe is now weighing whether to wield its defensive economic bazooka to protect Greenland. Leaders in the European Union are beginning to publicly mull an invocation of the bloc’s Anti-Coercion Instrument (ACI) — a suite of punitive economic tools designed to deter third-party coercion. While the never-before-used tools were designed wit…
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