European Commissioner sounds alarm over US plan to raise duties on EU exports

European Commissioner for Trade Policy and Economic Security, Maroš Šefčovič, has expressed serious concerns over the possibility of a dramatic rise in US duties on European Union (EU) exports, warning that the total could reach €100 billion in 2025.

This stark forecast was presented during his address at the European Parliament session in Strasbourg, where he discussed the potential consequences of ongoing anti-dumping investigations being carried out by the US, Caliber.Az reports citing Russian media.

Šefčovič highlighted the significant financial implications of these duties for EU exporters, noting that in 2024, the US had already collected €7 billion in tariffs from EU goods. However, with the continued investigations into various European products, the European Commission has projected a sharp increase, with the figure potentially escalating to €100 billion by 2025.

"In terms of duty collection, it will be a gigantic amount. In 2024, the US collected €7bn in duties and tariffs from EU goods. The European Commission's forecast shows that this figure could rise to €100 billion in 2025 if duties are imposed as a result of all the anti-dumping investigations now underway in the US. This is unacceptable," Šefčovič stated.

In addition to the current tariffs, Šefčovič pointed out that the US has already imposed duties on 70 per cent of EU exports, totaling approximately $380 billion annually. These tariffs, ranging between 10 per cent and 25 per cent, cover a broad range of goods and represent a substantial portion of EU exports to the US. Despite a temporary reduction from 20 per cent to 10 per cent, the US is reportedly preparing to extend these tariffs to 97 per cent of European exports.

The European Commissioner also revealed that the US has launched six anti-dumping investigations targeting European goods, including pharmaceuticals, semiconductors, and rare earth minerals. Should all these investigations lead to new duties, they would further expand the coverage of US tariffs, bringing nearly the entirety of EU exports to the US under punitive measures.

Šefčovič emphasized the potentially damaging impact these tariffs could have on the EU economy and international trade relations, calling the proposed escalation "unacceptable" and urging for a concerted effort to address the issue. The European Commission is expected to continue engaging with US authorities to find a resolution and protect EU businesses from further financial burdens.

By Vafa Guliyeva