Europe’s trade commissioner insists ‘we want to use every minute until 1 August to find a negotiated solution’.
Published On 16 Jul 202516 Jul 2025
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The European Union is readying a package of tariffs to be levied on 72 billion euros’ ($84bn) worth of goods against the US, even as it steps up efforts to reach a trade deal and avert a transatlantic trade war with President Donald Trump.
The European Commission, which oversees EU trade policy, is understood to have drawn up a list of duties for various US imports, ranging from cars to bourbon, after Trump declared on Sunday that he would levy a 30 percent “reciprocal” tariff on European imports from August 1.
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The EU and the US have been locked in trade negotiations for months, after Trump set a reciprocal tariff of 20 percent on EU goods in April. Those were dropped to 10 percent shortly afterwards, pending a three-month pause, before the president’s latest 30 percent salvo.
Following Trump’s announcement, French and German government bond prices fell to lows seldom seen since the eurozone debt crisis of 2009-11, as traders fretted about whether the $1.7 trillion transatlantic trade relationship could remain intact.
What tariffs has Trump announced for the EU?
President Trump said he would impose a 30 percent tariff on goods imports from the EU starting on August 1. He says he wants to rebalance the $235.6bn trade deficit – whereby imports exceed exports – that the US has with the EU.
EU officials had been hoping they could limit the damage by agreeing a baseline tariff of about 10 percent – the level of the one currently in place – with additional carve-outs for key sectors like cars. But Trump’s recent announcement, which came via a letter,
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