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illuminem summarises for you the essential news of the day. Read the full piece on POLITICO or enjoy below:
🗞️ Driving the news: The European Union has proposed new retaliatory tariffs on up to €72 billion worth of U.S. goods, including aircraft, cars, and agricultural products, in response to President Donald Trump’s threat to impose a 30% tariff on EU exports
• The European Commission’s latest list of countermeasures also includes industrial products like machinery and medical devices, with significant impacts expected on U.S. manufacturers, including Boeing
🔭 The context: The move comes after Trump escalated trade tensions by threatening a blanket tariff on EU exports if no trade deal is reached by August 1
• This follows a long-standing dispute between the EU and the U.S. over tariffs and trade imbalances, particularly in sectors like aviation, agriculture, and automobiles
• Earlier proposals from the EU had suggested even higher tariffs on U.S. goods, but the latest list represents a somewhat scaled-back version, focusing on key sectors with potential for significant economic impact
🌍 Why it matters for the planet: The EU’s proposed tariffs highlight the growing strain in international trade relations, which could have far-reaching consequences for global supply chains, the economy, and even environmental standards
• Tariffs on sectors like aircraft manufacturing and agriculture could disrupt industries that are already facing challenges, including sustainability pressures
• This trade conflict further underscores the delicate balance between economic diplomacy and protecting domestic industries from unfair competition
⏭️ What's next: EU countries will need to formally approve the proposed countermeasures before they can take effect
• While the European Commission has postponed some of its retaliatory actions to allow time for negotiations, the looming deadline for a trade deal in early August means that tensions are unlikely to ease without significant diplomatic intervention
• If the tariffs are enacted, the effects could ripple through various sectors, particularly in the U.S. manufacturing and agricultural industries
💬 One quote: “This is a clear attempt to level the playing field after the U.S. tariffs disrupted EU exports. We need to ensure fairness in global trade.” — EU Trade Minister
📈 One stat: The European Union’s proposed retaliatory tariffs could target up to €72 billion worth of U.S. goods, including €11 billion in aircraft exports.
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