- New Tariffs on EU Goods: President Trump announced on April 2, 2025, that most goods exported from the European Union (EU) to the US will face an additional import duty of 10% starting April 5, 2025, which will increase to 20% on April 9, 2025, following an investigation into nonreciprocal trade practices.
- EU’s Retaliation and Negotiation Stance: In response to the new tariffs, the EU is preparing countermeasures but remains open to negotiations with the US to eliminate trade barriers. The EU Commission is finalizing a package of retaliatory measures targeting specific US imports, while also expressing a willingness to engage in dialogue to resolve trade issues.
- Implications for Businesses: Companies are urged to assess the impact of the new tariffs and potential EU countermeasures on their imports. Accurate customs classifications, origin details, and payment balances are critical, and businesses should explore mitigation strategies, including reviewing sourcing practices and customs procedures to manage the financial implications of these trade policies.
Source EY
