"In a sign of the downward turn in transatlantic relations, the European Commission president, Ursula von der Leyen, went back to Brussels after addressing parliament, instead of taking a detour back to Davos to meet Trump. She returned to prepare for an emergency summit in Brussels at 7pm on Thursday to discuss a range of options open to the EU in the event the US president went ahead with his tariff threat."
"They include slapping 93bn (81bn) worth of tariffs on US exports to the EU and the activation of a never-used-before anti-coercion instrument, called the nuclear deterrent of trade sanctions. Originally designed to limit China's coercion of individual member states, it would allow the EU to restrict US businesses from accessing the EU market. In theory, the EU could take aim at anything from US tech and crypto companies, to aircraft makers or agricultural goods."
The European Parliament formally suspended ratification of a US trade deal in protest at Donald Trump's threat to impose 10% tariffs on EU exports unless the bloc concedes on Greenland. Bernd Lange said there will be no possibility for compromise on the tariff deal until the Greenland threats cease, while confirming the EU's separate promise to buy $750bn (560bn) of energy will not be affected. Ursula von der Leyen returned to Brussels to prepare an emergency summit to consider measures including €93bn (81bn) in retaliatory tariffs and activation of an anti-coercion instrument to restrict US companies' access to the EU market. Possible targets include US tech, crypto, aircraft and agricultural firms, though consumer backlash and diplomatic options remain concerns ahead of the 2 February deadline.
Read at www.theguardian.com
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