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Globe/wire say BMW, rival see EU explore retaliation

2025-07-22 08:52 ET - In the News

See In the News (C-BMW) BMW CDR (CAD Hedged)

The Globe and Mail reports in its Tuesday, July 22, edition that the European Union is considering a range of countermeasures against the United States as trade agreement prospects diminish. A Reuters dispatch to The Globe reports that several EU members, including Germany, are exploring "anti-coercion" measures to target U.S. services and sectors without a deal. Hopes for an agreement that would still involve a 10-per-cent U.S. tariff on EU exports have faded after talks between EU Trade Commissioner Maros Sefcovic and U.S. counterparts in Washington last week. Mr. Sefcovic, who has said a 30-per-cent tariff would "practically prohibit" transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. U.S. counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10 per cent, the EU diplomats added. One diplomat said: "Each interlocutor seemed to have different ideas. No one can tell [Mr. Sefcovic] what would actually fly with Trump." Prospects of easing or removing 50-per-cent U.S. tariffs on steel and aluminum and 25 per cent on cars and car parts appear limited.

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