European Council President Backs EU Retaliatory Steps Against US Tariffs

MOSCOW (Sputnik) - European Council President Antonio Costa on Thursday supported the EU's retaliatory measures against US tariffs targeting bloc member states.

In January, the European Parliament halted ratification of the EU-US trade deal after US President Donald Trump threatened duties on European allies opposing his Greenland stance. Last week, the EU lifted the freeze and resumed the work.

"If some global actors are challenging us with unfair competition, we need to react … If others are using trade as a threat, as an instrument of coercion, we need to use our tools," Costa told the Financial Times newspaper.

The European Union should ink more trade deals and revise competition rules to help European firms expand within the bloc, Costa said.

The bloc must remain an "open market" and not resort to protectionism, but protect strategic industrial sectors, including the chemical and steel, especially aluminum, industries, he said.

On July 27, European Commission President Ursula von der Leyen and Trump reached a trade deal that imposed a 15% tariff on most EU exports to the United States. The European Union also pledged to buy $750 billion worth of US energy products.

Source: https://sputnikglobe.com