Tariff war alarm sounded, the EU officially retaliated against Trump tariffs
Recently, the global tariff war has become increasingly fierce. On Monday, April 7, local time, the European Union held an emergency meeting and planned to take retaliatory measures against the US steel and aluminum tariffs, aiming to lock US $28 billion worth of US products.
At the same time, US President Trump posted on the Social platform Truth Social yesterday (Monday), setting off a new round of tariff storm. He lambasted China for imposing a 34 per cent retaliatory tariff on US goods and threatened to impose an additional 50 per cent tariff on Chinese goods from April 9 if China failed to reverse the measure by April 8, the following day. In addition, Trump also said that he would completely cut off communication with China on relevant talks.
In fact, Trump clearly has no intention of stopping. Despite the sharp market reaction to the tariffs, he publicly ratcheted up the tariff threat several times yesterday and insisted he would not make concessions on key trade issues.
After the United States announced a new round of tariffs, its major trading rivals quickly retaliated, announcing a 34 percent retaliatory tariff on all American products. In response, Trump issued a statement on the Truth Social platform on Monday, saying that if the other side fails to revoke the decision to impose tariffs before April 8, the United States will further increase the tariff rate to 50% from April 9. "If the other side does not withdraw its 34 per cent tariff increase based on long-standing unfair trade practices by April 8, the US will impose an additional 50 per cent tariff on related products from April 9," he wrote in a statement.
Despite previous media reports that Trump is considering suspending the 90-day reciprocal tariff policy, this news has been quickly denied by the White House.
In the meeting, Trump made it clear that he was not considering suspending any of the tariffs announced on "Liberation Day." He told reporters: "For too long, the United States has been taken advantage of and squeezed by many countries, and that cannot continue." We can no longer be the dumb America that gets bullied."
According to the latest news, the European Commission's Commissioner for Trade and Economic security Sevjovic made a series of important statements on the EU's tariff plan to the United States.
Eu tariff plan to the United States
Sefchovich pointed out that the EU's tariff plan against the United States is divided into two parts: the first part of the tariff plan is scheduled to start on April 15, and the second part of the tariff plan is scheduled to start on May 15. Eu member states will vote on April 9 on countermeasures against the US steel and aluminium tariffs, and if the vote is passed, the tariffs will be implemented as scheduled.
The Commission's package of countermeasures is subject to specific adoption rules that allow it to be approved as long as it is not opposed by 15 member states representing 65 percent of the EU's population.
The attitude and position of the EU should be addressed
Sefjovic stressed that the EU's position is to consider all available options in a comprehensive manner. The EU is ready to discuss zero-tariff measures, which would not only apply to cars but would also be extended to other industrial products. However, he also made clear that VAT is an important source of revenue for EU member states, and the EU will not change its system.
The EU said it was willing to find a negotiated solution, but stressed that it must be beneficial to both sides. Despite its efforts, the EU has so far not seen effective engagement that could lead to a solution acceptable to both sides. Sefchovich also stressed that the time to take counter-tariff measures has been urgent.
On dealing with the impact of US tariffs, Sevjovic made clear that the EU was prepared to use "all trade defence tools".
Eu member states stand united
According to foreign media reports, in response to Trump's wide-ranging tariff measures, the trade ministers of EU member states have a high degree of unity, saying that they are ready to take comprehensive countermeasures, including the possible taxation of digital companies.
Related news in Germany
In addition, there has been news recently that Germany is considering withdrawing its gold reserves from the United States due to the uncertainty of the economic policy of the current US administration. According to reports, Germany has more than 1,200 tons of gold reserves in the vaults of the Federal Reserve Bank of the United States, which are worth hundreds of billions of euros at current prices.
At the same time, US President Trump posted on the Social platform Truth Social yesterday (Monday), setting off a new round of tariff storm. He lambasted China for imposing a 34 per cent retaliatory tariff on US goods and threatened to impose an additional 50 per cent tariff on Chinese goods from April 9 if China failed to reverse the measure by April 8, the following day. In addition, Trump also said that he would completely cut off communication with China on relevant talks.
In fact, Trump clearly has no intention of stopping. Despite the sharp market reaction to the tariffs, he publicly ratcheted up the tariff threat several times yesterday and insisted he would not make concessions on key trade issues.
After the United States announced a new round of tariffs, its major trading rivals quickly retaliated, announcing a 34 percent retaliatory tariff on all American products. In response, Trump issued a statement on the Truth Social platform on Monday, saying that if the other side fails to revoke the decision to impose tariffs before April 8, the United States will further increase the tariff rate to 50% from April 9. "If the other side does not withdraw its 34 per cent tariff increase based on long-standing unfair trade practices by April 8, the US will impose an additional 50 per cent tariff on related products from April 9," he wrote in a statement.
Despite previous media reports that Trump is considering suspending the 90-day reciprocal tariff policy, this news has been quickly denied by the White House.
In the meeting, Trump made it clear that he was not considering suspending any of the tariffs announced on "Liberation Day." He told reporters: "For too long, the United States has been taken advantage of and squeezed by many countries, and that cannot continue." We can no longer be the dumb America that gets bullied."
According to the latest news, the European Commission's Commissioner for Trade and Economic security Sevjovic made a series of important statements on the EU's tariff plan to the United States.
Eu tariff plan to the United States
Sefchovich pointed out that the EU's tariff plan against the United States is divided into two parts: the first part of the tariff plan is scheduled to start on April 15, and the second part of the tariff plan is scheduled to start on May 15. Eu member states will vote on April 9 on countermeasures against the US steel and aluminium tariffs, and if the vote is passed, the tariffs will be implemented as scheduled.
The Commission's package of countermeasures is subject to specific adoption rules that allow it to be approved as long as it is not opposed by 15 member states representing 65 percent of the EU's population.
The attitude and position of the EU should be addressed
Sefjovic stressed that the EU's position is to consider all available options in a comprehensive manner. The EU is ready to discuss zero-tariff measures, which would not only apply to cars but would also be extended to other industrial products. However, he also made clear that VAT is an important source of revenue for EU member states, and the EU will not change its system.
The EU said it was willing to find a negotiated solution, but stressed that it must be beneficial to both sides. Despite its efforts, the EU has so far not seen effective engagement that could lead to a solution acceptable to both sides. Sefchovich also stressed that the time to take counter-tariff measures has been urgent.
On dealing with the impact of US tariffs, Sevjovic made clear that the EU was prepared to use "all trade defence tools".
Eu member states stand united
According to foreign media reports, in response to Trump's wide-ranging tariff measures, the trade ministers of EU member states have a high degree of unity, saying that they are ready to take comprehensive countermeasures, including the possible taxation of digital companies.
Related news in Germany
In addition, there has been news recently that Germany is considering withdrawing its gold reserves from the United States due to the uncertainty of the economic policy of the current US administration. According to reports, Germany has more than 1,200 tons of gold reserves in the vaults of the Federal Reserve Bank of the United States, which are worth hundreds of billions of euros at current prices.
