The European Union is set to delay its retaliatory tariffs against the United States amid the ongoing trade war instigated by President Donald Trump.
Earlier this afternoon, EU trade chief Maros Sefcovic confirmed the tax on steel and aluminium imports from the US until mid-April.
This decision is being carried out to allow a "firm proportionate" response, and for Sefcovic to "continue talks with American counterparts".
Under the proposed retaliatory tariffs against the US, the EU would charge levies of €26billion ($28billion; £22billion) worth of US goods, including boats, bourbon and motorbikes.
These would have initially been introduced from April 1, but appear to be postponed as Trump threatens to hit the EU with 200 per cent tariffs on alcohol products.
He shared: "In all discussions, American counterparts highlight that they really feel the global trade system is unfair to them, that different bias accumulated over the year and over the years, and they want on April 2 to rebalance the system.
"The goal, as they stated, is that they want to have a fair trade system. They want to look at the barriers, tariffs, and they will be on the same level, and at the same time, they also want to tackle non tariff barriers."
During a two-hour hearing in the EU Parliament, Sefcovic heard pleas from right-wing MEPS calling on bloc to avoid a trade war with the Trump administration.
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Green MEP Anna Cavazzini responded: "Trump started the trade war. It sounds a bit like the Commission is doing it. This is complete nonsense. Commission tried to negotiate, of course we have to retaliate."
Sefcovic cited Trump's goal "to reindustrialise the US, to shorten the global supply chains to do this, onshoring to revive industry and the economy".
He emphasised the decision to delay the EU's tariffs is based on need to reassure the unity of member states, ensure any import taxes levied at legally watertight and and continue negotiations with the White House.
Furthermore, Sefcovic noted that cars, chips, timber, steel, aluminium and pharma are among the industries the US wants to "rebalance the relationship" with the EU on.
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Earlier this afternoon, EU trade chief Maros Sefcovic confirmed the tax on steel and aluminium imports from the US until mid-April.
This decision is being carried out to allow a "firm proportionate" response, and for Sefcovic to "continue talks with American counterparts".
Under the proposed retaliatory tariffs against the US, the EU would charge levies of €26billion ($28billion; £22billion) worth of US goods, including boats, bourbon and motorbikes.
These would have initially been introduced from April 1, but appear to be postponed as Trump threatens to hit the EU with 200 per cent tariffs on alcohol products.
He shared: "In all discussions, American counterparts highlight that they really feel the global trade system is unfair to them, that different bias accumulated over the year and over the years, and they want on April 2 to rebalance the system.
"The goal, as they stated, is that they want to have a fair trade system. They want to look at the barriers, tariffs, and they will be on the same level, and at the same time, they also want to tackle non tariff barriers."
During a two-hour hearing in the EU Parliament, Sefcovic heard pleas from right-wing MEPS calling on bloc to avoid a trade war with the Trump administration.
Do you have a money story you’d like to share? Get in touch by emailing [email protected].
Green MEP Anna Cavazzini responded: "Trump started the trade war. It sounds a bit like the Commission is doing it. This is complete nonsense. Commission tried to negotiate, of course we have to retaliate."
Sefcovic cited Trump's goal "to reindustrialise the US, to shorten the global supply chains to do this, onshoring to revive industry and the economy".
He emphasised the decision to delay the EU's tariffs is based on need to reassure the unity of member states, ensure any import taxes levied at legally watertight and and continue negotiations with the White House.
Furthermore, Sefcovic noted that cars, chips, timber, steel, aluminium and pharma are among the industries the US wants to "rebalance the relationship" with the EU on.
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