Brussels: Markus J. Beyrer, Director-General of BusinessEurope, Europe’s largest business organisation, said that the US decision to impose an additional 20 percent tariff on EU products will harm businesses and consumers on both sides of the Atlantic. Reacting to the US announcement of so-called ‘reciprocal tariffs’, he emphasized the potential negative impact on the transatlantic economy, which he described as the largest and most important in the world. Beyrer warned that these tariffs would increase costs and harm the relationship that supports millions of jobs and fosters innovation.
According to Emirates News Agency, Beyrer expressed concern over the unilateral nature of the US decision, which imposes additional tariffs on all major US trading partners. He highlighted the risk of triggering retaliatory measures that could further disrupt global supply chains and undermine confidence in global trade, arguing that such actions would not deliver meaningful benefits to either side.
Beyrer advocated for a united EU response that is legally sound, proportionate, and targeted, aiming to avoid unintended consequences for EU economic operators. He stressed the importance of both the EU and US reaching a negotiated solution in their best interests.
He further urged the EU to advance an ambitious trade and investment diversification strategy to build resilience and safeguard its economic interests. He called for the swift ratification of concluded agreements with Mercosur and Mexico, emphasizing the necessity given the current geopolitical context. Beyrer concluded by stating that strengthening the EU’s economy and competitiveness is essential to enhancing its negotiating leverage and reducing the risk of economic coercion.