If the Republican candidate returns to the White House, Brussels will offer a quick deal then threaten retaliation against tariffs
Donald Trump and European Commission President Ursula von der Leyen: the EU is preparing the ground for talks on trade if Mr Trump regains the White House Photograph: Jim Watson / AFP via Getty ImagesBrussels is developing a two-step trade strategy to deal with Donald Trump, offering the Republican a quick deal if he wins a second term as president, and targeted retaliation if he opts for punitive tariffs instead.
Should talks over improving trade fail and Trump applies higher tariffs, the European Commission’s trade department is drawing up lists of imports it could hit with duties of 50 per cent or more. Trump’s first term between 2017 and 2021 was painful for the EU, which runs a substantial goods trade surplus with the US.
Valdis Dombrovskis, EU trade commissioner, told the Financial Times he was hopeful the two sides could avoid a repeat of past “confrontation”. The Latvian called for a “co-operative approach” and said Brussels was open to “targeted deals” to reduce the €156 billion trade deficit in goods. The EU dropped tariffs on imports of US live and frozen lobster products – as well as for all other countries without a trade deal, in accordance with global trade rules. In return, the US halved tariffs on a bundle of goods including crystal glassware and cigarette lighters.Nevertheless, the annual US trade deficit widened to €152 billion in 2020 from €114 billion in 2016 when Trump won the election.
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