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Malmstrom: The European Union will channel US goods worth 35 billion euros in the case of damaged cars



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European Commissioner for Trade Cecilia Malmstrom – Reuters archive

BRUSSELS (Reuters) – The European Union will introduce an additional 35 billion euros (US $ 39.1 billion) of US goods if Washington launches penalties for European car imports, the European Commissioner for Trade said.

"We will not accept any non-free trade, quotas or voluntary export restrictions, and if there are fees, we will have a list to restore a balance," Cecilia Malmstrom told the European Parliament's committee.

"It's basically ready, worth 35 billion euros. I hope we will not have to use it."

US President Donald Trump announced in May that some cars and parts of imported cars threaten national security. But it is postponed for six months to decide whether to impose fees to allow time for trade talks with the EU and Japan. The deadline expires in mid-November.

"We welcome the US decision not to charge cars and automotive parts, but the idea that European cars could jeopardize US national security is a ridiculous idea," Malmstrom said.

She said that trade talks with the United States had mixed results.

Progress has been made in accelerating corporate actions to show that their products are in line with European Union or US marketing standards, but there has been no progress in the proposed tariff abatement agreement for industrial products.

"We have not started these negotiations yet," Malmstrom said. The United States is not ready to start unless agriculture is included and this is our red line. So now nothing's happening here. "

Alaa Rushdi prepared the Arabic publication, edited by Ahmed Elhamy

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