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Source: EU ‘ready to negotiate’ with Trump on tariff deal – Washington Examiner
European Commission President Ursula von der Leyen said the continent is ready to negotiate with President Donald Trump, offering a “zero-for-zero” tariff scheme.
The European Union is facing 20% “reciprocal tariffs,” which Trump imposed on it as part of his across-the-board tariffs last week. Financial markets across the world have tanked as Trump’s trade war has caused investors to panic with uncertainty.
“We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners. Because Europe is always ready for a good deal. So we keep it on the table,” von der Leyen said at a press conference alongside Norwegian Prime Minister Jonas Gahr Store.
“We stand ready to negotiate with the U.S.,” she said.
However, von der Leyen did not rule out retaliation, saying, “We are also prepared to respond through countermeasures and defend our interests.”
She also announced the creation of a new “task force” to monitor changes in global commerce due to the tariffs.
“We will also protect ourselves against indirect effects through trade diversion. For this purpose, we will set up an ‘Import Surveillance Task Force,’” she said. “We look at what are the historical imports that we have and had and (whether) there is any specific surge all of a sudden of a certain product or in a certain sector that we have to act on.”
EU Trade Commissioner Maros Sefcovic separately noted the zero-for-zero deal could cover the automobile industry and all other industrial goods, such as chemicals and pharmaceuticals, which Trump exempted from his “reciprocal” tariffs.
The United States and EU came close to scrapping industrial tariffs for about 10 years in their discussions of the Transatlantic Trade and Investment Partnership. However, that plan was sunk by Trump during his first administration.
Representatives from the EU’s 27 member states are expected to vote on the wave of tariffs Wednesday.