The member states of the European Union (EU) on Thursday overwhelmingly approved a decision to impose retaliatory tariffs on U.S. products worth 93 billion euros if trade talks with the United States fail.
Olof Gill, spokesperson for the European Commission on trade, said on Wednesday that the bloc plans to combine two retaliatory tariff lists on U.S. exports into one with a total value of 93 billion euros.
The consolidated list includes tariffs on 21 billion euros worth of U.S. goods such as soybeans, motorcycles and jeans, already approved in April.
EU member states on Wednesday voted and approved another list worth about 72 billion euros, which mainly involves high-value industrial products such as aircraft, automobiles, Bourbon whiskey and electrical equipment.
Leaders of the EU and several European countries said earlier that if a satisfactory trade agreement cannot be reached with the United States before the U.S. tariff measures take effect on August 1, the EU will take countermeasures.
Gill said on Wednesday that if the negotiations fail, the retaliatory tariffs will take effect on August 7.
EU members approve 93-bln-euro counter-tariff package on US
The "soft landing" of the China-EU electric vehicle case will greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment, a spokeswoman of the Ministry of Commerce (MOC) said at a press briefing in Beijing on Thursday.
He Yongqian, the spokeswoman, made the remarks after China and the European Union (EU) agreed on the necessity of providing general guidance on price undertakings for Chinese companies exporting battery electric vehicle (BEV) passenger cars to the EU.
"China and the EU simultaneously announced on Monday that they had achieved positive outcomes following multiple rounds of consultations on the EV case, a development that has drawn wide attention at home and abroad. Industry players from both sides have 'highly welcomed and fully endorsed' the outcome, saying the 'soft landing' of the case is expected to greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment. Some EU politicians have described it as a positive step toward building a sustainable China-EU trade relationship, and said it demonstrated that resolving trade differences through partnership remains feasible," she said.
"Against the current international backdrop, China and the EU, acting in a spirit of mutual respect and within the framework of WTO rules, have properly addressed the EV case, which is of significant positive importance. The outcome will not only contribute to the sound development of China-EU economic and trade ties and help safeguard the stability of the global automotive industrial and supply chains, but will also send a clear and strong signal that both sides are willing to uphold a rules-based international trading order, setting a good example for countries to resolve differences through dialogue and consultation and injecting greater certainty and positive energy into global economic growth," she said.
"China appreciates the spirit of dialogue showed by the EU side and stands ready to work with the EU, building on the current positive outcomes, to further implement the consensus reached by the leaders of the two sides, maintain dialogue and communication, and support stable industrial and supply chains on both sides, continue to deepen cooperation on the basis of market principles, and make active contributions to the global green transition," she added.
"Soft landing" of China-EU EV case to significantly boost market confidence: MOC spokeswoman
"Soft landing" of China-EU EV case to significantly boost market confidence: MOC spokeswoman
