EU's Bold Move on Tariffs

In a significant development, European Commission President Ursula von der Leyen announced that the European Union has proposed a "zero-for-zero" tariff agreement with the United States on industrial goods. This proposal marks a pivotal moment in EU-US trade relations, aiming to eliminate tariffs on both sides.

Readiness for Negotiations and Countermeasures

Von der Leyen emphasized the EU's readiness to negotiate a fair deal but also warned of the bloc's preparedness to implement countermeasures if necessary. The establishment of an "Import Surveillance Task Force" was revealed as a strategic move to safeguard the EU's interests against potential indirect effects of tariffs.

Strengthening the Single Market and Diversifying Trade

The EU is not only focused on responding to US tariffs but also on reinforcing its single market. Von der Leyen highlighted the importance of diversifying trade, with a keen focus on the vast majority of global trade outside the US, stating, "We will focus, like a laser beam, on the 83% of global trade that is beyond the US."