The threat of 30% tariffs on the EU by Donald Trump introduces substantial concerns regarding trade relations, creating what some refer to as 'unsubstantial uncertainty' about the economic outlook. EU trade commissioner Maros Sefcovic indicated that such tariffs would almost completely halt transatlantic trade. Trump's announcement has shaken the progress made in negotiations, leading to discussions within the EU about implementing the Anti-Coercion Instrument. This instrument could retaliate against the U.S., potentially affecting various sectors in Ireland, particularly pharma and tech.
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.
Mr Trump's announcement has undermined the whole process, eroding trust and confidence. Insiders reported significant progress in closing in on agreement, despite the intricate details.
German machinery and equipment manufacturers association VDMA expressed that it would cause 'toxic uncertainty' for companies on both sides of the Atlantic due to Trump's intervention.
Danish foreign minister Lars Lokke Rasmussen revealed that ministers were now discussing the deployment of 'the big bazooka' - the Anti-Coercion Instrument - to counteract US actions.
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