EU commission proposes 25% tariffs on US goods in response to Trump: report
European leaders on Monday floated a 25% tariffs on US goods in response to President Donald Trump's tariffs on certain products like steel and aluminum.
The European Commission on Monday proposed counter-tariffs of 25% on a range of American goods in response to President Donald Trump's tariffs on steel and aluminum, according to media reports.
The tariffs on some goods will go into effect on May 16, while others will begin .ater this year, according to a document viewed by Reuters.
Maros Sefcovic, the European Union trade chief, said the counter-tariffs would impact less than the previously announced 26 billion euros.
STOCKS SINK FOR THIRD SESSION IN TARIFF PUSHBACK: LIVE UPDATES
Goods such as bourbon, wine and dairy have been removed from the original list the Commission was weighing in March. The Commission had earmarked a 50% tariff on bourbon, which had prompted Trump to threaten a 200% counter-tariff on EU alcoholic drinks if the bloc goes ahead.
FOX Business has reached out to the White House.
The European Union also floated a "zero-for-zero" tariff resolution with the Trump administration after 20% import levies were imposed by Washington last week, the New York Post reported.
"We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners," European Commission President Ursula von der Leyen said Monday.
"Because Europe is always ready for a good deal. So we keep it on the table," she said at a press conference.
TARIFF STOCK SHOCK: NASDAQ HITS BEAR MARKET; S&P, DOW SINK
Sefcovic said the zero-for-zero arrangement would be applied to chemicals, pharmaceuticals, rubber, plastic machinery and cars.
Over the weekend, Trump's unilateral 10% tariff on all imports from many countries went into effect, with U.S. customs agents beginning to collect.
The initial 10% "baseline" tariff took effect at U.S. seaports, airports and customs warehouses at 12:01 a.m. ET. Higher taxes on goods from 57 larger trading partners are set to start next week.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump's announcement of the tariff on Wednesday shook global stock markets, cutting $5 trillion in stock market value for S&P 500 companies by Friday's close, which marks a record two-day drop. Prices of oil and commodities also took a nosedive.
Fox Business' Landon Mion contributed to this report.
What's Your Reaction?
