Ireland remains cautious about deploying the so-called "big bazooka" economic mechanism against the US, despite Europe moving closer to using the trade weapon in response to threats to take Greenland. Amid reports that Germany is moving towards supporting France in its call for EU member states to ask the European Commission to unleash the Anti-Coercion Instrument, Ireland has remained coy on its position and is instead calling for dialogue to avert an all-out trade war.
Ireland remains cautious about deploying the so-called "big bazooka" economic mechanism against the US, despite Europe moving closer to using the trade weapon in response to threats to take Greenland. Amid reports that Germany is moving towards supporting France in its call for EU member states to ask the European Commission to unleash the Anti-Coercion Instrument, Ireland has remained coy on its position and is instead calling for dialogue to avert an all-out trade war.
At their disposal are mainly three options: The use of the so-called "trade bazooka" a never-before-used instrument that could even go as far as restricting market access for US companies in the EU. The implementation of retaliatory tariffs. The suspension of the EU-US trade deal, which has yet to come into effect. EU heads of state and government will meet for a summit on Thursday a dinner cobbled together in haste to coordinate which of those options the bloc will use in response to Trump's threats.
Blanket tariffs of 30pc would practically 'prohibit' the future flow of trade from Europe to the US. It will be almost impossible to continue trading as we are used to in a transatlantic relationship, said EU trade commissioner Maros Sefcovic.
