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The European Union has the tools to respond to a new wave of tariffs announced by the United States, French Trade Minister Nicolas Forisier told the Financial Times. He called on member states to adopt a “common approach” following US President Donald Trump’s decision to impose an additional 10% tariff on imports.
According to the Financial Times, Trump took this step in reaction to a US Supreme Court ruling that condemned his tariff policy.
Forisier said he was in discussions with his EU counterparts and the European Commission to coordinate the response. " If necessary, the European Union has the necessary means ," he told the British newspaper.
French officials stressed that it was still too early to determine the EU's concrete response. However, options include activating the Anti-Coercion Instrument (ACI), which allows for measures against US companies, including in the technology sector.
The ACI envisages a wide range of actions, from export controls and tariffs on services to the exclusion of US companies from public procurement contracts in the EU. There is also a package of countermeasures with tariffs on US products worth over €90 billion, which could be implemented.
The French minister said that pressure from Washington has strengthened the unity of the European bloc, but stressed that the EU must be ready to react. " We can no longer be naive. We must use our means and not just talk about them. We do not want to be dependent or hostage ," he said.
The European Parliament will meet on Monday to discuss further postponing the ratification of a trade deal reached with Washington last year.
Meanwhile, according to reports, the Trump administration continues to increase tariffs, although they have contributed to rising prices and harmed companies that depend on exports.
Bank of Italy Governor Fabio Panetta told a news conference in Venice that the initial impact of the tariffs was absorbed by the profit margins of American companies, but was then passed on to consumers. “ The tariffs are estimated to have contributed more than half a percentage point to inflation, which remains above the Federal Reserve’s target ,” he said, referring to the 2.4% rate in January.
India's Commerce Ministry announced that it is reviewing the developments and their implications.
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