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EU trade chief says bloc will respond swiftly to US tariffs / Photo: Jim WATSON - AFP
NYSE - LSE
EU trade chief says bloc will respond swiftly to US tariffs
The European Union will respond "firmly and swiftly" to protect its interests if Washington imposes tariffs on the bloc's goods, its trade chief said Wednesday, rejecting President Donald Trump's claim that US-EU trade ties are unfair.
"It is the very definition of a win-win partnership, and there is nothing unfair," Maros Sefcovic added in Washington, as Europe girds for heightened tariff tensions with the United States.
Speaking at the American Enterprise Institute, Sefcovic said the EU sees "no justification for sudden, unilateral tariff increases" by the United States, adding that businesses rely on economic stability and predictability on both sides.
If the United States imposed tariffs on EU products, this would create unnecessary barriers to exports, businesses and workers on both sides of the Atlantic, said Sefcovic, who is European Commissioner for Trade and Economic Security.
"To protect European interests, we will have no choice but to respond firmly and swiftly," he added ahead of talks with his US counterparts.
But he stressed that the bloc will do its best to avoid such an outcome, adding that both sides have to be responsible in dealing with each other.
Sefcovic noted that the EU-US economic relationship represents nearly 30 percent of global trade.
He added that the EU is "one of the most open economies in the world, with over 70 percent of imports entering at zero-tariff."
Sefcovic's trip comes after Trump has threatened sweeping "reciprocal tariffs" on allies and adversaries, taking aim at the EU for being "absolutely brutal" in trade ties with the United States.
The levies would be tailored to each US trading partner and consider the tariffs they impose on American goods, alongside taxes seen as "discriminatory," such as value-added taxes, according to the White House.
According to the EU, the average tariff rate on both sides is approximately one percent.
While Washington has taken aim at the EU's higher tariff rate on autos, Sefcovic added that US tariffs are higher in sectors like agricultural products.
Germany's car lobby on Wednesday warned that Trump's threatened tariffs would hike costs for US drivers, after the president signaled he could raise levies on imports of cars, semiconductors and pharmaceuticals.
Already, Trump has slapped an additional tariff on Chinese goods and unveiled sweeping duties on imports of steel and aluminum, due to take effect in March.
Z.Mertens--BlnAP
