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German Finance Minister Lars Klingbeil has warned that the EU is ready to impose retaliatory measures against US goods if the two sides fail to reach an agreement...
The European Union (EU) and the United States are facing ongoing tensions over trade tariffs as the July 9, 2025, deadline for imposing new US tariffs approaches. US President Donald Trump has threatened tariffs of up to 50% on EU imports, accusing the bloc of running an unfair trade surplus with the US. According to data, in 2023, the EU had a trade surplus in goods of €48 billion, despite the US running a surplus in services.
In response, the EU has proposed a “zero-for-zero” deal on industrial goods, such as vehicles, medicines and machinery, and has expressed a willingness to buy more American natural gas and microchips. However, negotiations have stalled due to US demands that the EU change its value-added tax system and regulations for American technology companies, which the EU has rejected.
Under these conditions, Germany has threatened to retaliate against the US if an agreement is not reached.
German Finance Minister Lars Klingbeil has warned that the EU is ready to impose retaliatory measures against American goods if the two sides fail to reach a "fair" agreement to resolve their trade dispute.
" We want a deal with the Americans, but I also say very clearly that this deal has to be fair. And if we fail to reach a fair deal with the United States, then the European Union will have to take countermeasures to protect our economy. This trade dispute is hurting us all, it must end quickly. The Europeans are still offering an open hand... But a deal has to be fair. We will not agree to everything ," Klingbeil told German MPs this Tuesday, the FT reports.
Recall that the US president on Monday sent letters to 14 trading partners, including Japan and South Korea, setting out the tariffs that will take effect on August 1. The White House has said that more letters will be sent this week.
Speaking late Monday, Trump also left the door open for negotiations, saying the letters were "more or less" final offers and "not 100 percent certain."
This week's move follows a 90-day pause in so-called reciprocal tariffs announced by Trump on 'liberation day', which was due to end on July 9.
EU Trade Commissioner Maroš Šefčovič has been holding ongoing talks with his US counterparts, but European officials have expressed frustration at the lack of clarity from the US. Experts, such as Ignacio García Bercero of the Bruegel think tank, estimate that a full deal within the deadline is difficult, and the EU could face ongoing tariffs of at least 10%.
As negotiations continue, trade uncertainties are weighing on global markets, with the Stoxx Europe 600 down 1.7% after the threat of 50% tariffs. The EU insists on a negotiated solution, but is ready to implement countermeasures if a fair deal is not reached./ Pamphlet
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