EU Arms €93 Billion Tariff List as U.S. Duties Loom

The European Commission is preparing to ask the bloc’s 27 governments to approve retaliatory tariffs on about €93 billion ($109 billion) of U.S. imports, EU diplomats said. The measure would consolidate two earlier lists of €21 billion and €72 billion into a single package aimed at protecting European exporters. Brussels is acting after Washington signalled it will impose 30% duties on EU goods on 1 August. Trade Commissioner Maros Sefcovic is scheduled to discuss the dispute with U.S. Commerce Secretary Howard Lutnick later today in an effort to avert escalation, but officials say work on counter-measures will continue in parallel. Under the Commission’s timetable, the counter-tariffs could take effect as soon as 7 August if EU governments give their consent. Germany has already expressed support for keeping retaliatory options ready, while the bloc’s earlier tariff list, agreed in April, was immediately suspended pending talks.