European trade ministers are meeting in Brussels after the announcement of 30% tariffs by the U.S. on the EU, which is America's largest trading partner. The tariffs, starting on August 1, may increase prices for various European goods in the U.S., affecting economic stability in European countries. Denmark's foreign minister highlighted the need for preparation and a willingness to negotiate, while EU representatives expressed hope for a trade deal before implementing countermeasures. Retaliatory tariffs on U.S. goods are postponed as negotiations continue with an emphasis on finding a constructive solution.
"We shouldn't impose countermeasures at this stage, but we should prepare to be ready to use all the tools in the toolbox," said Denmark's foreign minister, Lars Lkke Rasmussen, to reporters ahead of the meeting.
The tariffs, also imposed on Mexico, are set to start on Aug. 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S., and destabilize economies from Portugal to Norway.
Brussels decided to suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.
Maros Sefcovic, the EU's trade representative in its talks with the U.S., said negotiations would continue. "I'm absolutely 100% sure that a negotiated solution is much better than the tension which we might have after the 1st of August."
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