By Alberto Nardelli and Jorge Valero
The European Union is preparing a package of potential emergency measures to support parts of its economy that could be hit the hardest by US President Donald Trump’s sweeping tariffs, according to people familiar with the matter.
The European Commission, the EU’s executive arm, is working on short-term economic support proposals to go alongside plans to advance reforms and competitiveness in key sectors as well as to improve the functioning of the bloc’s single market, said the people, who spoke on the condition of anonymity.
Trump is set to announce so-called reciprocal tariffs later Wednesday to strike out against what he considers to be unfair levies on US goods as well as non-tariff barriers, such as domestic regulations and how countries collect taxes, including the bloc’s value-added tax, digital taxes and regulations. The EU says its VAT is a fair, non-discriminatory tax that applies equally to domestic and imported goods.
Any potential EU support measures will depend on what the US announces, one of the people said.
German bonds erased gains after the report, with the 10-year yield trading stable on the day at 2.69% after falling to as low as 2.65%. The euro extended gains to 0.4%, reaching an intraday high of $1.0839.
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