European commission poised to counter US tariff threats
The European Commission has pledged a strong response to any potential U.S. tariffs on the European Union, stressing that such measures lead to economic disruptions and drive inflation.
The European Commission expressed its readiness to defend the interests of the European Union in the event the US imposes "unjust" tariffs. Tariffs cause unnecessary economic disruptions and fuel inflation. They are harmful to all parties," the EC commented.
In mid-January, the European Commission stated that it would take action to protect the EU's interests if Donald Trump imposed tariffs on the bloc after assuming the U.S. presidency. EC spokesperson Olof Gill affirmed that, if necessary, the Commission would defend the interests of the EU, its businesses, and its member states.
New tariffs on products from Canada, Mexico, and China
On Sunday, the European Commission regretted the U.S. decision to raise tariffs on products from Canada, Mexico, and China. An EC spokesperson, quoted by AFP, emphasized that the EU strongly believes lower tariffs support economic growth and stability.
The White House announced that the new tariffs, which will come into effect on February 4th at 10:00 AM EST, are a response to the influx of fentanyl across US borders and China's involvement in supplying drug cartels. The regulation provides 25% tariffs on goods from Canada and Mexico and 10% on products from China.
The White House regulation states that the tariffs may be lifted if the mentioned countries take "sufficient actions to alleviate the crisis." Trump also announced that tariffs would be imposed on the European Union.
