EU and U.S. Escalate Trade Conflict with New Tariffs
The European Union imposes €26 billion in tariffs on U.S. goods in response to President Trump's steel and aluminum duties, deepening tensions in transatlantic trade.
- The EU's new tariffs target U.S. goods including whiskey, peanut butter, jeans, and motorcycles, following the Trump administration's 25% tariffs on steel and aluminum imports.
- Cecilia Malmström, former EU Trade Commissioner, warns that trade wars harm both sides, impacting consumers, inflation, jobs, and economic growth.
- The EU's auto industry, already vulnerable due to competition from China and the transition to electric vehicles, faces further strain from potential U.S. auto tariffs.
- The WTO's ability to mediate the dispute is limited, as its appellate body has been non-functional since 2019 due to a U.S. refusal to appoint new judges.
- Experts suggest the current trade tensions could either weaken global trade systems or push for reforms to strengthen WTO rules and cooperation.
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