The European Union has voted to approve counter-tariffs on USD109 bil worth of U.S. goods, which would be imposed if the bloc fails to reach a trade deal with Washington.
00:00Meanwhile, the European Union's member countries have voted to approve counter-tariffs on US$109 billion worth of US goods.
00:08The measures would be imposed if the bloc fails to reach a trade deal with Washington.
00:15The European Commission said its primary goal was to negotiate an agreement to avoid the 30% tariffs US President Donald Trump has threatened to apply on August 1.
00:25It added that two previously proposed tariff packages, valued at €93 billion or US$109 billion in total, would be combined into a single list for member approval.
00:37Any countermeasures would not come into effect before August 7.
00:41So far, the EU has refrained from imposing retaliatory tariffs despite Trump's repeated announcements and postponed implementation of his broad tariff plans.
00:51EU diplomats say both sides are moving closer to a potential trade agreement that would set a 15% tariff on EU imports, similar to a deal Washington recently struck with Japan.
01:03The proposed tariff could cover sectors such as automobiles and pharmaceuticals without adding to existing US duties.
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