US President Donald Trump has declared tariffs as his 'favorite word,' prompting the European Commission to label his trade policy as 'an act of economic self-harm.' As the EU navigates escalating tensions with the US, officials believe Trump might impose a substantial 20% tariff on all EU imports by April, adding to existing tariffs on steel, aluminum, and autos. The EU is considering various responses, including restricting US companies in Europe, to balance a strong reaction without harming its own consumers. In 2023, the EU maintained a significant surplus in goods with the US.
"The European Commission has described Trump's trade policy as 'an act of economic self-harm,' and is preparing its response as tensions escalate over tariffs."
"The EU's top trade official, Maros Sefcovic, believes Trump could impose a sweeping 20% tariff on all EU goods imported into the US by early April."
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