The European Union has announced a delay in implementing retaliatory tariffs on U.S. goods, including whiskey and machinery parts, until mid-April. Thursday’s postponement aims to provide additional time for negotiations with the Trump administration following the U.S. imposition of tariffs on foreign steel and aluminum.
Initially, the EU planned to impose a 50% tariff on American whiskey starting April 1 as part of its countermeasures. However, European Trade Commissioner Maros Sefcovic indicated that aligning the timing of these measures allows for further discussions to find a mutual resolution.
“We are now considering to align the timing of the two sets of EU counter-measures so we can consult with member states on both lists simultaneously, and this would also give us extra time for negotiations with our American partners,” Sefcovic told members of the European parliament on Thursday.
As CNBC reports:
Maros Sefcovic, the EU’s commissioner for trade and economic security, said Thursday that discussions with the U.S. would continue.
“I have been entrusted by President von der Leyen to continue talks to try to find a solution with the U.S.,” he said, according to a written version of his remarks at the European Parliament’s International Trade Committee.
“I am engaging with my U.S. counterparts to better understand the U.S. plans and look for possible solutions,” Sefcovic said, noting that the EU was meanwhile continuing to prepare.
“On 2 April, we will need to assess the action take by the U.S. and keep a flexible approach so as to calibrate our response accordingly,” he said.
President Donald Trump has announced that, starting April 2, the United States will implement reciprocal tariffs aimed at addressing perceived unfair trade practices by other countries. Trump’s decision comes as part of the administration’s broader strategy to overhaul U.S. trade policies and reduce trade deficits.
The reciprocal tariffs will match the tariffs that other countries impose on U.S. goods, effectively leveling the playing field for American exporters. This policy is expected to impact a wide range of imported goods, including steel, aluminum and agricultural products.
Sefcovic’s announcement has significant implications for the American bourbon industry, which has been experiencing challenges due to trade disputes. The industry had previously benefited from a domestic boom but is now facing a downward trend in both domestic and international markets.
European leaders have expressed concerns about escalating the trade dispute. For instance, Irish Prime Minister Micheal Martin emphasized that the EU would take a strategic approach and allow time before responding comprehensively to the imposed tariffs.
Meanwhile, EU President Ursula von der Leyen continues to criticize the Trump administration’s tariffs and urges a meaningful dialogue to resolve the issue. She highlighted the mutual benefits of EU-U.S. trade and called for cooperation to address global challenges like overcapacity in steel and aluminum markets.
This is a breaking news story. Please check back for updates.
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Now it’s obvious that this has been a negotiating tactic. Bu it sure got their attention.
Drink more BOURBON.
All the years they were tarffis on the US with out tarffis on them? Now, they are complaining of a equal reciprocal? Looks like its working out finally for “we the people” ! Thanks to a brave President Trump! No guts no glory!