The European industry is feeling the impact of US tariffs on steel and aluminium, with the European Commission responding by drawing up a list of products to target in retaliation. This has caused concern among various sectors, such as wines, plastics, pulp, and medical devices, which rely on imported products that are now subject to tariffs. The wines and spirits sector, in particular, has been hit hard by the trade war, with the threat of a 200% customs duty on imports of Bourbon whiskey from the US. Representatives from various industries are calling for a more positive and reciprocal approach to safeguard bilateral trade and prevent further damage to European businesses.
The European pulp and paper industry is also facing challenges due to the retaliatory measures introduced by the European Commission. The sector imports significant amounts of pulp and paper and board from the US, which are now subject to tariffs. This could have a negative impact on consumers and a wide range of sectors that use paper packaging. The industry is preparing to respond to the consultation launched by the Commission and is urging for a peaceful resolution to avoid further disruptions to supply chains and increased costs for businesses.
The plastics sector, which is also targeted by European countermeasures, is calling for peace and advocating for free and fair trade between the US and Europe. The imposition of tariffs on industrial goods like plastics could disrupt supply chains, raise costs for businesses, and impact consumers on both sides of the Atlantic. With a significant portion of EU exports and imports of plastics coming from and going to the US, the sector is urging for a resolution that will not hinder trade and economic growth for both regions.
The medical devices industry is expressing concerns about the impact of retaliatory tariffs on components used in the sector. Medical technologies are essential for patient care and the resilience of healthcare systems in Europe. The industry is urging the EU to ensure that these components are excluded from any retaliatory measures to prevent interruptions in access to essential products. Maintaining uninterrupted access to medical technologies is crucial for the continued care of patients and the stability of healthcare systems across Europe.
The list of products presented by the European Commission for retaliation against US tariffs is open to consultation by industry representatives until March 26. The Commission aims to have the measures in force by mid-April, pending the approval of EU member states. Industry associations are closely monitoring the situation and preparing to respond to the consultation process to ensure that their concerns are addressed and to protect their businesses from any further negative impacts from the ongoing trade war between the US and Europe.
Overall, the European industry is closely scrutinising the response of the European Commission to US tariffs on steel and aluminium, with concerns raised by various sectors about the potential impact on their businesses. The trade war between the US and Europe has led to increased tariffs on products like wines, plastics, pulp, and medical devices, which could disrupt supply chains, raise costs, and harm consumers. Industry representatives are calling for a more positive and reciprocal approach to protect bilateral trade and ensure a peaceful resolution to the trade dispute.
