The European Union is considering additional tariffs on more than $110 billion in U.S. exports if trade negotiations fall through, Bloomberg reported Tuesday, which could impact several industries, including oil and gas, as talks with the Trump administration appear to have stalled.
Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/05/06/these-us-goods-from-oil-to-cars-could-face-price-hikes-as-europe-reportedly-considers-new-tariffs/
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Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/05/06/these-us-goods-from-oil-to-cars-could-face-price-hikes-as-europe-reportedly-considers-new-tariffs/
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NewsTranscript
00:00The European Union is considering additional tariffs on more than $110 billion in U.S.
00:06exports if trade negotiations fall through, Bloomberg reported Tuesday, which could impact
00:11several industries, including oil and gas, as talks with the Trump administration appear
00:16to have stalled.
00:18The EU will target about 100 billion euros, roughly $113 billion, in U.S. goods with additional
00:25tariffs if trade talks fail to satisfy the bloc, which is expected to discuss the retaliatory
00:31levies as early as Wednesday, people familiar with the matter told Bloomberg.
00:36The U.S. has largely replaced Russia as one of the largest exporters of oil and gas into
00:41the EU since Russia invaded Ukraine in 2022, as petroleum oil and crude oil were the most
00:47imported products from the U.S., according to European Commission data.
00:52Nearly 1 million jobs in the U.S. were supported by trade and services with the EU in 2023,
00:58while another 3.4 million are supported by European investment, trade data from the EU suggests.
01:05Among the industries receiving the most support from EU trade and investment are aerospace,
01:10oil and gas, pharmaceuticals and medicines, medical equipment, vehicles, and agriculture.
01:18Trump administration officials have said more than 75 countries have reached out to the White
01:22House to negotiate trade deals, even as details of those talks have yet to be disclosed.
01:28Trade deals with Japan and countries surrounding China have been prioritized, NBC News reported,
01:33with South Korea and Vietnam as quote-unquote key priorities.
01:38The Trump administration has promised 90 deals in 90 days, with some countries and blocs like
01:44the EU pausing planned retaliatory tariffs as negotiations ensue.
01:50For more on these stories, check out Ty Rush's articles linked in the description.