The list is on its way out to member states and has been compiled by the EU Commission based on the comments received from countries and others since the beginning of March.
Although the EU prefers negotiations, we cannot wait forever. We have received valuable input from member states and have a robust list of countermeasures, says Trade Commissioner Maros Sefcovic at the press conference after the EU countries' extraordinary trade minister meeting in Luxembourg on Monday.
A vote on the list will be held on Wednesday, after which the countermeasures – which concern the steel and aluminum tariffs announced by the USA at the beginning of March – will come into effect from April 12.
Wants zero tariffs
EU Commission President Ursula von der Leyen also emphasizes that the EU is primarily seeking to negotiate.
The EU is always ready to make a good deal, she says at a press conference in Brussels in connection with a visit from Norway's Prime Minister Jonas Gahr Støre.
She also repeats that the EU offered zero tariffs to the USA for industrial goods, including cars, as early as February, without any direct response.
The offer was made a long time ago and has been repeated, for example, for the automotive sector. All possible instruments are on the table, says von der Leyen.
"Broad consensus"
Similar words are heard from Sweden's Minister for Trade and EU Affairs Benjamin Dousa (The Moderate Party).
There is a broad consensus in Europe that the door should always be open for negotiations. Zero tariffs have been mentioned, but the interest from the USA has been very limited – or almost non-existent, notes Dousa at a Swedish press conference after Monday's meeting.
The Trade Minister expects it may take both weeks and months before the EU's next response comes – regarding last week's even more comprehensive tariff announcement from the USA.
The main reason for this is to carefully analyze it, says Dousa.
Ready for the bazooka?
The EU could resort to the comprehensive anti-coercion measures introduced to respond to economic pressure from outside, which are often referred to as a "bazooka" due to their impact.
But we are not there yet, believes Dousa.
All instruments are on the table, but it's clear that from Sweden's side, we don't think the anti-coercion instrument should be used lightly. Just to avoid the risk of harming ourselves more than it does good, says the Trade Minister in Luxembourg.
The EU Commission has already prepared counter-tariffs on goods with an annual import value of around 8 billion euros for the steel and aluminum tariffs that the USA wanted to introduce as early as 2017-21 during Donald Trump's first term as president.
The tariffs – on, among other things, motorcycles and American whiskey – have been frozen for several years but will now be thawed and joined by additional tariffs to bring the value up to 26 billion euros, in order to match the USA's expanded bid on steel and aluminum tariffs from the beginning of March.
The EU is simultaneously working on how to handle the general tariff increase of 20 percent that Trump announced last week. To match that, tariffs of around 380 billion euros are required.
