Šefčovič: Trump’s reciprocal tariffs could cost the EU 380 billion euros annually

Brussels – The European Commission (EC) disagrees with the concept of reciprocal tariffs, the introduction of which was announced by U.S. President Donald Trump on Wednesday evening and which could cost EU countries 380 billion euros annually. This was stated on Friday afternoon, shortly before further negotiations with American partners, by European Commissioner for Trade and Economic Security Maroš Šefčovič, as reported by TASR’s Brussels correspondent.

He clarified that the new tariffs represent a huge intervention in the global economy and dramatically undermine the foundation of the global trading system. “For Europe, this means that reciprocal tariffs will be imposed on goods worth 380 billion euros, which is more than seventy percent of our exports to America,” he explained.

He warned that while last year the U.S. collected seven billion euros in tariffs on American goods, under the new tariffs this amount would soar to 81 billion euros, which is an eleven-fold increase. According to him, this will not happen also because at least half of the EU’s goods will seek markets elsewhere. For this reason, it is necessary to negotiate with the U.S., but at the same time prepare for retaliatory measures.

The Union’s countermeasures worth over 20 billion euros will include a wide range of goods, for example from the agri-sector and machinery. The final list of goods is expected to be approved on Monday (April 7) by the trade ministers of member countries at a meeting in Luxembourg.

“We want to have a solid discussion with the trade ministers to strengthen what Europe needs most, which is unity and a unified approach. So that the U.S. also realizes that we have strong support from the population for these drastic measures,” he explained.

The list of tariffs and countries shown by Trump is, according to Šefčovič, surprising. The calculation of tariff amounts lacks logic and Russia is absent from the list, which he explains by the fact that the U.S. does not trade with Russia due to imposed sanctions. “The reactions coming from around the world are extremely negative. In this spirit, the business environment and financial markets are also reacting,” he warned.

For the EU, this means more communication with other countries. The U.S. accounts for 15% of global trade, but the rest of the world accounts for 75%, and the EU wants to trade as before, maintaining the previous global order with predictability in trade and according to international law.

Šefčovič reminded that he receives phone calls from trade ministers from all continents, and therefore it is important for the EU to continue its offensive policy of concluding trade agreements. And to take advantage of, for example, the willingness of Mercosur countries to reduce 35% tariffs to zero. This is what the Union also offered to the American side, which did not heed it. (April 4)