EU reportedly to keep trade retaliation on hand even if a deal with the US draws closer | investingLive

I don’t think this is much of a surprise as EU lawmakers have been reaffirming this narrative for a while now. The idea here is that they will hit back should negotiations fall through between the two sides and the US steps up tariffs against the EU.

The report says that the EU has designed its retaliatory measures so that they can be quickly implemented at any point in response to the US. That is to say it will be one that can be applied without lengthy back and forth discussions among member states. And that is exactly what this agreement is for earlier today.

The agreement states that tariffs of up to 30% on €93 billion worth of US goods could take effect as soon as 7 August.

Circling back to the report, the sources say that these countermeasures will be suspended if there is a deal with the US by the 1 August deadline.