On July 24th, local time,
It was learned that the EU member states overwhelmingly passed a decision to impose retaliatory tariffs on $93 billion worth of American products.
The day before, an EU Commission spokesperson announced on July 23rd that the EU plans to merge two lists of retaliatory tariffs against US export goods into one unified list totaling $93 billion. The EU had obtained approval from its member states in April this year.
The first round of tariff measures involving US soybeans, motorcycles, and jeans amounted to approximately $21 billion. On July 23rd, the EU member states voted and approved another list valued at about $72 billion. This list primarily concerns high-value industrial products such as aircraft, automobiles, and electrical equipment.
The combined total of the retaliatory list amounts to $93 billion.
Previously, both the EU and several European leaders have stated that if an acceptable trade agreement with the US cannot be reached before the effective date of US tariff measures on August 1st, the EU will take retaliatory measures in response. An EU Commission spokesperson, Olaf Scholz, stated on July 23rd that if negotiations break down, retaliatory measures would begin to take effect on August 7th. (CCTV News)
Trump’s tariff policies are impacting the global economy.