Ireland EU US Tariffs Retaliation
- Irish Prime Minister Micheál Martin stated on January 14, 2024, that the European Union will likely retaliate with tariffs if the United States imposes recently announced tariffs as...
- European capitals have the capacity to impose tariffs totaling 93 billion euros (approximately $107.71 billion USD, using exchange rates as of January 14, 2024) on the United States,...
- While French President Emmanuel Macron has reportedly considered invoking the EU's anti-coercion mechanism - established in 2023 but never used - Martin believes it is "a little premature"...
IrelandS Prime Minister Warns of Global Crisis if US Tariffs on EU are Implemented
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Irish Prime Minister Micheál Martin stated on January 14, 2024, that the European Union will likely retaliate with tariffs if the United States imposes recently announced tariffs as punishment for European opposition to a potential US annexation of Greenland, potentially leading to a “very serious situation globally.”
EU Retaliation capabilities
European capitals have the capacity to impose tariffs totaling 93 billion euros (approximately $107.71 billion USD, using exchange rates as of January 14, 2024) on the United States, according to the Financial Times. Alternatively,the EU could restrict market access for North American companies.
Anti-Coercion Mechanism
While French President Emmanuel Macron has reportedly considered invoking the EU’s anti-coercion mechanism – established in 2023 but never used – Martin believes it is “a little premature” to activate it. The EU anti-coercion mechanism was created to counter economic pressure from external actors.
Call for Dialog
martin advocates for dialogue with Washington to de-escalate the trade crisis. EU ambassadors are scheduled to meet on january 14, 2024, to discuss potential responses.