Earlier this week, reports circulated that the European Union was considering imposes taxes on American-made Boeing (BA) aircraft and $110 billion of U.S. goods in order to secure a fair trade deal.
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Now, the 27-nation bloc will meet to decide on a concrete plan to address U.S. tariffs ahead of the July 9 deadline. President Trump has said the U.S. will tax almost all EU imports at a 50% rate if no deal is reached by then.
EU Leaders to Discuss U.S. Tariff Response on Thursday
Today, European Commission President Ursula von der Leyen will meet with EU leaders over dinner and discuss a strategy to respond to U.S. tariffs. Several leaders are in favor of reaching a quick deal that could later be amended in order to avoid heightened duties, said sources close to the matter.
The EU is unhappy with U.S. tariffs on steel, aluminum, and vehicles. However, it appears that Trump won’t budge on these duties. In addition, it’s likely that Trump’s 10% baseline tariff will stay in place, with or without a deal.
“I think a decision at 10% would enable us, as far as we’re concerned, to keep working on things that we care about,” said Italian Prime Minister Giorgia Meloni on Wednesday following the NATO summit.
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