- Public Consultation Initiated: The European Commission has begun a public consultation regarding potential countermeasures to US tariffs, particularly focusing on President Trump’s Reciprocal Tariffs and Section 232 measures on automobiles. This consultation, open until June 10, 2025, may result in additional tariffs on over 200 industrial and agricultural products valued at approximately €95 billion.
- Impact on Businesses and Supply Chains: The proposed countermeasures could lead to increased duties on imports and restrictions on exports, significantly affecting supply chains for businesses within the EU. Companies are urged to assess the potential impacts of these tariffs on their operations.
- WTO Challenge and Ongoing Negotiations: In addition to the consultation, the EU plans to formally challenge the US tariffs at the World Trade Organization (WTO), citing violations of WTO rules. The EU continues to engage in negotiations with the US, aiming for a resolution, while preparing to implement countermeasures if negotiations do not yield acceptable results.
Source EY
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