The European Union (EU) is preparing a trade strategy in case Donald Trump wins the presidential election in the United States (U.S.) this November. The strategy hinges on quickly reaching an agreement or imposing retaliatory tariffs if Washington implements a 10 percent tariff on goods imported into the U.S.
European negotiators plan to reach out to Donald Trump’s team to discuss which U.S. products the EU could purchase in larger quantities.
If negotiations fail and Trump fulfills his promise to impose a 10 percent import tariff, which could reduce EU exports by about 150 billion euros annually, Brussels will consider retaliatory tariffs of 50 percent on certain goods.
“We need to show that we are a partner of the U.S., not a problem. We will seek an agreement, but we are ready to defend ourselves if it doesn’t happen. We will not be led by fear,” said an anonymous senior EU official.
EU Trade Commissioner Valdis Dombrovskis stated that the two sides could avoid repeating past conflicts.
“We believe that the U.S. and the EU are strategic allies, and especially in the current geopolitical context, it is important that we work together on trade,” he said.
