The European Union has officially announced its intention to impose tariffs on a “broad range of industrial and agricultural products” imported from the United States, amounting to €95 billion in value, reports RTE.
These tariffs would come into effect if ongoing EU-US trade talks do not lead to a “mutually beneficial outcome,” the EU stated.
Among the targeted items is aircraft—a move that could negatively affect Ryanair, which has placed orders with American plane manufacturer Boeing, reports RTE.
The list also features items like bourbon whiskey, wine, cider, vehicles, bicycles, boats, smartphones, cattle, soya beans, olives, and a limited selection of pharmaceuticals.
Nevertheless, there will be significant relief within the Irish Government that major pharmaceutical products were excluded from the draft list issued today. European Commission President Ursula von der Leyen, however, has continued to emphasize that all options remain available should the trade relationship with the US worsen, reports RTE.
Today’s proposed retaliatory measures include €6.4 billion in tariffs on agricultural goods, €10.5 billion on aircraft, €10 billion on motor parts, €12.5 billion on chemicals and plastics, and €7.2 billion on electrical goods.
The European Commission also announced a consultation on the potential introduction of “possible restrictions” affecting EU exports of steel scrap and chemical goods to the US worth €4.4 billion, reports RTE.
This consultation aims to address both the general 10% tariffs imposed by the US on EU exports and the 25% duties on EU-manufactured vehicles, which the Commission described as “unjustified and harmful.”
Ms von der Leyen said: “Tariffs are already having a negative impact on the global economies. The EU remains fully committed to finding negotiated outcomes with the US. We believe there are good deals to be made for the benefit of consumers and businesses on both sides of the Atlantic,” reports RTE.
She added: “At the same time, we continue preparing for all possibilities, and the consultation launched today will help guide us in this necessary work”, reports RTE.
Taoiseach Micheál Martin, who met Ms von der Leyen earlier in Brussels, said the Irish Government would swiftly begin discussions with the European Commission on the countermeasure list.
Speaking in Brussels, he said: “I anticipate that there will be similar to the last time, and we were effective on the last occasion,” reports RTE.
The Taoiseach explained that he would need to review the proposed actions before responding.
“We will again make recommendations to the Commission, give them feedback in terms of the impact of some of the potential countermeasures,” he said, reports RTE.
He also cautioned that the EU must act in unity and collectively bear the consequences.
“Remember that the US, perhaps, is counting on fragmentation within the European Union. The EU doesn’t want to be in this position, and so therefore we have to work as a union as well,” reports RTE.
Mr Martin emphasized he would prefer EU diplomatic efforts to be focused on negotiating a trade agreement with the US instead of implementing tariffs.
He said: “The idea that you can have a pain free response to a tariff trade war. It’s just not possible,” reports RTE.
Mr Martin added: “If we can get a negotiated, agreed approach, that’s the obvious route to go.”
During their morning meeting, Mr Martin and Ms von der Leyen discussed key economic topics, including ways to enhance EU competitiveness, along with global issues such as Ukraine and Gaza, reports RTE.
However, the primary topic was how the EU plans to respond to US tariffs, with the European Commission releasing its list of proposed retaliatory measures in case negotiations collapse.
The Taoiseach has repeatedly highlighted Ireland’s commitment to reaching a negotiated solution, stressing that trade wars ultimately harm all parties, especially the most vulnerable, reports RTE.
Their meeting lasted slightly over an hour.
Later today, the EU will publish its proposed countermeasures against US tariffs.
From now, Mr Martin will be able to review the potential effects of these actions on Ireland and work to mitigate any harm to the national economy, reports RTE.
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