The European Union is preparing to impose retaliatory tariffs on US imports worth approximately €116 billion (HK$1.06 trillion), with Boeing aircraft among the targeted goods. This move comes as the EU anticipates that the US will maintain certain tariffs on European goods even after the current trade and tariff negotiations that has been extended to July 9, as reported by Bloomberg on June 24.
The planned tariffs include €21 billion (HK$191.5 billion) worth of American goods previously targeted by the EU in response to US tariffs on steel and aluminum. Additionally, the EU's countermeasures list includes €95 billion (HK$866.5 billion) worth of US imports, aimed at retaliating against so-called "reciprocal tariffs" imposed by the US on European goods. Aside from Boeing aircraft, the targeted goods also include cars and whiskey.
European Commission Vice President Stephane Sejourne warned that if the US insists on retaining its 10% reciprocal tariffs, the EU will respond with measures targeting key industries.
The EU estimates that US tariff threats currently cover €380 billion (HK$3.47 trillion) worth of European goods, representing 70% of the EU's exports to the US. Bloomberg previously reported that the EU had alerted member states, warning that Washington's unreasonable demands could lead to an unfair trade agreement.
Sejourne also emphasized that the EU would defend its aviation industry, stating that Airbus, headquartered in France, will not tolerate unfair competition from Boeing. He reiterated that the EU would not accept the 10% additional tariffs imposed by the US on Airbus aircraft.
Related News:
EU prepares escalated tariff retaliation against US as trade deadline looms
HK businesses remain resilient and forward-looking amid tariffs: UOB Business Outlook Study 2025
Comment