INTERNATIONAL
EU Commission warns of new US tariffs on pharmaceuticals, chips
EU's Maros Sefcovic warns US may hit up to 97 pct of European exports with new tariffs, German Press Agency reports. - REUTERS
STRASBOURG, FRANCE: European Trade Commissioner Maros Sefcovic warned on Tuesday that the United States might impose new tariffs on European exports, targeting up to 97 per cent of exported goods, German Press Agency (dpa) reported.
In addition to an ongoing investigation on lumber, the US administration recently opened six further investigations to determine the effect of imports on national security, said Sefcovic.
The additional targeted sectors include pharmaceutical products, semiconductors, critical minerals, and trucks and truck parts, he said, addressing the European Parliament in the French city of Strasbourg.
If all these investigations lead to additional tariffs, 97 per cent of EU exports to the US would be subject to import duties representing a trade volume of EUR549 billion (US$622.8 billion).
"The situation as such is not acceptable, and we cannot afford to stay idle," Sefcovic said.
The trade commissioner reiterated the EU's ambition to find a negotiated solution with the US.
"We now need the US to show its readiness to make progress towards a fair and balanced solution," he said.
In addition to pursuing talks, Brussels was "preparing for litigation to preserve and reinforce the multilateral rules-based trading system," Sefcovic said, and accelerating free-trade negotiations with other global trading partners.
"The US represents 13 per cent of global trade. It's a lot. But we must not forget about the remaining 87 per cent," he said.
In April, US President Donald Trump paused special levies on imports from most trading partners including the EU for 90 days, prompting the bloc to suspend its planned counter tariffs to allow for further talks.
-- BERNAMA
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In addition to an ongoing investigation on lumber, the US administration recently opened six further investigations to determine the effect of imports on national security, said Sefcovic.
The additional targeted sectors include pharmaceutical products, semiconductors, critical minerals, and trucks and truck parts, he said, addressing the European Parliament in the French city of Strasbourg.
If all these investigations lead to additional tariffs, 97 per cent of EU exports to the US would be subject to import duties representing a trade volume of EUR549 billion (US$622.8 billion).
"The situation as such is not acceptable, and we cannot afford to stay idle," Sefcovic said.
The trade commissioner reiterated the EU's ambition to find a negotiated solution with the US.
"We now need the US to show its readiness to make progress towards a fair and balanced solution," he said.
In addition to pursuing talks, Brussels was "preparing for litigation to preserve and reinforce the multilateral rules-based trading system," Sefcovic said, and accelerating free-trade negotiations with other global trading partners.
"The US represents 13 per cent of global trade. It's a lot. But we must not forget about the remaining 87 per cent," he said.
In April, US President Donald Trump paused special levies on imports from most trading partners including the EU for 90 days, prompting the bloc to suspend its planned counter tariffs to allow for further talks.
-- BERNAMA