EU threatens retaliatory tariffs on US goods worth €93 billion

The European Union countries approved, on Thursday, the imposition of retaliatory tariffs on US goods worth €93 billion, to take effect on August 7 if trade talks with Washington fail, according to European diplomats.

US President Donald Trump had previously threatened to impose 30% tariffs on EU imports if a trade agreement was not reached before August 1, prompting Brussels to prepare a similar response.

The anticipated European tariffs include a first list worth (21) billion euros, including soybeans, and a second list worth (72) billion euros, including products such as timber, aircraft, and cars.

(26) out of (27) European countries, with the exception of Hungary, approved the move, while major capitals such as Berlin and Paris expressed support for a tougher approach toward Washington. If negotiations stall, the European Commission is also considering imposing additional restrictions on American services companies, particularly in the technology and financial sectors.