EU discusses countermeasures to Trump over Greenland! Bloomberg: Tariffs on US goods and suspension of trade deal under consideration

European Union member states are considering several options to respond to Donald Trump's threat to impose tariffs, including the possibility of suspending the trade deal with the US, Bloomberg reports.

The EU's response was the focus of a meeting called on Sunday in Brussels by the Cyprus presidency, where ambassadors from member states tried to formulate a common position on Trump's threat.

Later on Sunday, it was announced that the President of the European Council, António Costa, has called an Extraordinary Summit, against the backdrop of developments around Greenland and the threat of imposing tariffs on eight countries, six of which are EU members.

One of the proposals being considered is the imposition of countervailing tariffs on US products worth 93 billion euros.

The use of the powerful Anti-Coercion Instrument, a mechanism originally created to counter China's intimidation tactics and which allows the EU to impose tariffs and investment restrictions on countries that violate the rules, has also been discussed.

This instrument offers a wide range of options, including tariffs, restrictions on trade in services, restrictions on trade-related intellectual property rights, as well as restrictions on foreign direct investment and public contracts.

Emmanuel Macron even proposed on Sunday that the EU consider using this tool, although France has not used it before.

Last year, the EU had approved tariffs against the US worth 93 billion euros, but suspended their implementation after reaching a trade deal with Washington.

MEPs proposed over the weekend to suspend approval of the trade deal, citing Trump's recent actions.

Earlier yesterday, the US President threatened to impose 10% tariffs on eight European countries (Britain, France, Germany, Denmark, Norway, the Netherlands, Sweden and Finland) from February 1st in response to their actions regarding Greenland. If Trump's purchase or deal is not fully implemented, the tariffs would increase to 25% from June 1st.

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