[Global Network Finance Comprehensive Report] Recently, trade relations between the U.S. and the EU have hit another snag.The European Commission proposed to member states on the same day the imposition of a 25% tariff on some U.S. products, a move aimed at responding to the steel and aluminum tariff measures previously implemented by the U.S. side,according to reports from multiple media outlets on April 7th.
The relevant tariff measures are expected to officially take effect on April 15th in terms of the implementation timeline of the tariffs. However, the actual collection of most tariffs will be delayed and is not anticipated to start until mid-May. Among them, the tariff measures targeting soybeans and various types of nuts will have a later implementation date, officially coming into force on December 1st.
The scope of goods on which the EU plans to impose tariffs this time is extremely extensive, covering multiple industrial sectors. Internal documents show that in addition to agricultural products such as soybeans and nuts, the list includes industrial and daily necessities like diamonds and eggs—even daily consumer goods such as dental floss, sausages, and poultry meat have not been spared. Such a broad tariff scope will undoubtedly exert a profound impact on trade between the United States and the European Union, affecting numerous industries and enterprises.
Notably, in the final proposal, the European Commission has made adjustments to some products. Bourbon whiskey, wine, and dairy products have been removed from the initial list considered in March. Previously, the EU had planned to impose a tariff of up to 50% on bourbon whiskey, a move that triggered a strong reaction from the U.S. side. Former U.S. President Donald Trump publicly threatened that if the EU implemented the relevant tariffs, the U.S. would impose a 200% retaliatory tariff on EU alcoholic products. The EU's removal of these products from the tariff list this time is presumably a concession made after weighing the pros and cons to avoid a further escalation of trade conflicts.
At present, the proposal is still subject to approval by the vote of EU member states. In accordance with the EU's current mechanism, member states will vote on the proposal on the 9th. To block the proposal, an "enhanced majority" of member states must explicitly oppose it, with the specific criterion being that at least 15 member states vote against it and the total population of these member states accounts for 65% of the EU's total population. If this condition is not met, the proposal will be adopted, and the relevant tariff measures will be implemented as planned. (Chen Shiyi)