EU to set out next countermeasures against U.S. tariffs on Thursday-OxBig News Network

The European Commission will announce on Thursday details of its next countermeasures against U.S. tariffs should negotiations with Washington fail, European Trade Commissioner Maros Sefcovic said on Wednesday.

“Tomorrow we will announce next preparatory steps, both in the area of possible rebalancing measures, and also in the areas important for the further discussions,” Sefcovic told a news conference in Singapore after the signing of a digital trade agreement with the Southeast Asian country.

He added that he will work closely with member states and industries to prepare for every scenario.

“I would like to make it very clear that negotiations clearly come first, but not at any cost,” he said.

The new measures would represent the EU’s response to U.S. import tariffs on cars and so-called reciprocal tariffs on most other goods.

The 27-nation bloc had in April approved duties mostly of 25% on U.S. imports amounting to 21 billion euros ($23 billion), including maize, wheat, motorcycles and clothing. The duties have been paused until July, after U.S. President Donald Trump announced a 90-day suspension of reciprocal tariffs.

The EU faces 25% U.S. import tariffs on its steel, aluminum and cars. It also faces reciprocal tariffs of 10% for almost all other goods, a levy that could rise to 20% after the 90-day pause expires on July 8.

Sefcovic previously said U.S. tariffs now covered 70% of EU goods trade to the United States and could rise to 97% after further U.S. investigations into pharmaceuticals, semiconductors and other products.