EU takes revenge on Trump’s tariffs as countries approve €20B+ retaliation – POLITICO

Only Hungary opposed the package, according to four EU diplomats with direct knowledge of the vote, while all other 26 countries voted in favor.

“Escalation is not the answer. Such measures would cause further damage to European economy and citizens by raising prices. The only way forward is negotiations, not retaliation,” Hungary’s Foreign and Trade Minister Péter Szijjártó said in a post on X. 

Fourteen EU countries would have needed to vote against the retaliation, which had been seen as unlikely considering the shows of unity in recent weeks.

The retaliation does not yet respond to Trump’s imposition of 20 percent “reciprocal” tariffs on all EU exports, which came into force on Wednesday, and his latest 25 percent tariff on cars. Trump has also said tariffs on pharmaceuticals are coming soon.

The European Commission is considering putting forward its countermeasures on those tariffs as early as next week. “It will for sure be soon. I expect it could be as early as next week,” trade spokesperson Olof Gill said Tuesday.

Trump demands that the EU reduce its trade surplus with the U.S., for instance by buying unrealistic amounts of gas or lowering safety standards on cars.

While Europe indeed sells more goods to Americans, the U.S. in turn enjoys a surplus when it comes to services. Overall, the €1.3 trillion trade relationship is off by only some €50 billion. Commission President Ursula von der Leyen this week revived the idea of scrapping all industrial tariffs — in a “zero-for-zero” deal — on a mutual basis.

This article has been updated.