Created
: 2025.05.08
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
EU plans potential countermeasures on up to €95 billion of US goods
World FX news
Breaking news
EU plans potential countermeasures on up to €95 billion of US goods
New
2025.05.08 21:25
2025.05.08 21:25
2025.05.08 21:25
The European Commission announced on Thursday that it plans to introduce countermeasures on up to 95 billion Euros ($107.2 billion) of US imports, if negotiations with Washington were to fail to eliminate tariffs applied by US President Donald Trump, per Reuters.
Key takeaways
"EU list also includes 44 billion Euros of EU exports of steel scrap and chemical products for possible restrictions."
"EU to launch WTO complaint against US tariffs."
"EU to prioritise finding mutually beneficial and balanced solution with US."
"Proposed countermeasures would target US aircraft, alcoholic drinks, fish, cars and car parts."
"Proposed countermeasures would also target US chemicals, plastics, electrical equipment, health products and machinery."
Market reaction
EUR/USD showed no reaction to this development and was last seen trading virtually unchanged on the day at around 1.1300.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.05.08
Related articles
USD/CHF rises as US trade optimism fades and Swiss Franc weakens on risk sentiment
24 minutes agoGBP/USD climbs past 1.33 on BoE hawkish cut, US-UK reaching trade deal
58 minutes agoEUR/USD Price Analysis: Euro steadies near 1.1300 as mixed signals limit momentum
2025.05.09 00:30US Trump announces trade deal with the UK
2025.05.09 00:02AUD/USD flattens around 0.6420 as US Dollar struggles for more gains
2025.05.08 23:17BoC: Trade war with US threatens Canadian economy and poses risks to financial stability
2025.05.08 23:08
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
USD/CHF rises as US trade optimism fades and Swiss Franc weakens on risk sentiment
The USD/CHF pair is trading higher as the US Dollar (USD) gains momentum on mixed economic signals and trade optimism, while the Swiss Franc (CHF) weakens amid broader risk-on sentiment.
New
2025.05.09 01:20GBP/USD climbs past 1.33 on BoE hawkish cut, US-UK reaching trade deal
The Pound Sterling advanced during the North American session after the Bank of England (BoE) reduced borrowing costs on a 7-2 vote split, with two members voting to hold rates unchanged.
New
2025.05.09 00:46EUR/USD Price Analysis: Euro steadies near 1.1300 as mixed signals limit momentum
The EUR/USD pair held steady around the 1.1300 area on Thursday, maintaining a neutral tone after the European session. Price action remains confined within the day's range, reflecting a cautious market stance as traders assess the broader trend.
New
2025.05.09 00:30WTI Crude Oil climbs as US inventories fall, trade talks support demand outlook
WTI Crude Oil is trading sharply higher on Thursday as oil prices benefit from the combination of falling United States (US) stockpiles and growing optimism around upcoming US-China trade talks, which have raised hopes of a potential de-escalation in tensions between the world's two largest economie
New
2025.05.09 00:09US Trump announces trade deal with the UK
US President Donald Trump made a flurry of remarks on Thursday, highlighting what he described as a major breakthrough in trade relations with the United Kingdom.
New
2025.05.09 00:02AUD/USD flattens around 0.6420 as US Dollar struggles for more gains
The AUD/USD pair trades flat around 0.6420 during North American trading hours on Thursday. The Aussie pair struggles for direction, while the US Dollar (USD) gives up initial gains.
New
2025.05.08 23:17BoC: Trade war with US threatens Canadian economy and poses risks to financial stability
In its annual Financial Stability Report, the Bank of Canada said the trade war with the United States threatens the Canadian economy and poses risks to financial stability, per Reuters.
New
2025.05.08 23:08USD/CAD climbs as traders await BoC risk report, Trump trade deal announcement
The Canadian Dollar (CAD) is weakening against the US Dollar (USD) on Thursday as investors brace for a pivotal day of policy and trade headlines that could redefine North American market sentiment.
New
2025.05.08 21:47US: Initial Jobless Claims dropped to 228K last week
US citizens filing new applications for unemployment insurance decreased to 228K for the week ending May 3, as reported by the US Department of Labor (DOL) on Thursday. This print came in just below initial estimates and was lower than the previous week's unrevised tally of 241K.
New
2025.05.08 21:37EUR/GBP slumps to near 0.8470 as Pound Sterling strengthens after BoE's policy decision
The EUR/GBP pair slides to near 0.8470 during early North American hours on Thursday as the Pound Sterling (GBP) attracts significant bids after the Bank of England (BoE) announces its monetary policy.
New
2025.05.08 21:36Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
