EU threatens countermeasures over US tariffs
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The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.
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The announcement comes as Trump has pushed through his tariff agenda by unveiling a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their c
After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.
Ahead of the threatened tariffs, front-running of orders looks to have been particularly steep in the pharmaceutical sector. Factory output recorded a strong rebound in May in Ireland, where pharma titans like Allergan and Pfizer manufacture popular drugs from Botox to Viagra.
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The European Union has prepared a €21 billion ($24.5 billion) list of tariffs on U.S. goods in case trade talks fail, Italy's Foreign Minister Antonio Tajani said in an interview with Il Messaggero newspaper,