In a bold move against the United States’ tariff policy, the European Union (EU) is preparing to present its case at the World Trade Organization (WTO). The EU is also proposing countermeasures worth €95 billion ($107.4 billion).
What Happened: The European Commission is planning to challenge the U.S.’s “reciprocal” tariff policy and duties on cars and car parts at the WTO. The Commission has also launched a public consultation on potential countermeasures affecting €95 billion worth of US imports, to be enacted if a trade deal with Washington fails to materialize, CNBC reported on Thursday.
The proposed countermeasures span a wide range of agricultural and industrial goods, including alcoholic beverages such as bourbon and tequila. The EU is currently negotiating to prevent President Donald Trump from imposing a 20% reciprocal tariff on all U.S. imports …