European Union states that the current situation “does not favor the realization of fair, balanced and mutually beneficial transatlantic trade and investment, as agreed by both parties”.
This Sunday, the European Commission asked the United States “complete clarity” on the measures taken after the decision of the country’s Supreme Court, which invalidated most of the tariffs imposed by the North American President.
“The European Commission requests full clarity on the measures the United States intends to take following the Supreme Court’s recent ruling on the International Emergency Economic Powers Act (IEEPA),” the European executive said in a statement.
The current situation “does not promote fair, balanced and mutually beneficial transatlantic trade and investment as agreed by both parties”, indicated the European Commission.
The new rate of 15% — initially 10% — was Trump’s response to the decision, which overturned tariff policy, considering that the Republican exceeded the emergency powers invoked to impose taxes on US trading partners.
To minimize the effects of tariffs and avoid a trade war, Brussels and Washington signed an agreement in the summero whereby the EU accepted a general tariff of 15% if the US exported tariff-free industrial products to the bloc.
The European executive insisted that or “always ensure that the interests of the European Union are fully protected”.
“EU companies and exporters must have fair treatment, predictability and legal certainty,” he added.
Furthermore, Brussels highlighted that “a deal is a deal” and that, as the USA’s largest trading partner, “expects them to live up to the commitments set out in the Joint Declaration, just as the EU keeps its commitments.”
The Commission has demanded that EU products “should continue to benefit from the most competitive treatmentwith no fare increases beyond the previously agreed clear and inclusive limit.”
They also reiterated that, applied “unpredictablythe”, these measures “are inherently disruptive, undermining confidence and stability in global markets and generating further uncertainty in international supply chains.”
The European executive also assured that keep in touch “narrow and continuous” with the North American Administration and noted that EU Trade Commissioner Maros Sefcovic spoke with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick on Saturday.
The vast majority of European products are subject to a 15% tariff in the US, but the EU still does not apply the 0% tariff to North American products, waiting for the European Parliament to ratify the agreement.
The European Parliament’s Trade Committee, which expects to vote on the agreement between Brussels and Washington next Tuesday, called a meeting on Monday to analyze the implications of the US Supreme Court’s decision.
