Trump proposed 30% tariffs on EU imports, escalating from 10%. This move could devastate US-EU trade relations and heavily impact supply chains across both regions. The EU's chief negotiator warned it might make normal trading almost impossible. In response, the European Commission is preparing a €72 billion retaliation package. Key European figures advocate for diplomatic solutions to avoid this trade escalation, but a tougher stance from some nations also exists. Negotiations with Washington continue as the EU seeks to manage the potential fallout of these tariffs.
"If you're talking about 30 per cent or more, there will be a huge impact on trade. Transatlantic supply chains would be heavily affected. It will be almost impossible to continue trading as we are used to in a transatlantic relationship."
"At that level, any additional counter-reaction from the United States has more or less the same effect. Practically, it prohibits trade."
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