European Commission Monitors U.S. Trade Actions as Tariff Response Looms
EU assesses the implications of U.S. sanctions on Venezuelan oil exports amid ongoing tariff discussions.
On March 31, 2025, the European Commission (EC) announced that it will not immediately respond to the latest actions by U.S. President Donald Trump regarding the revocation of oil export licenses for several companies, including Repsol.
The EC stated that it is awaiting a comprehensive understanding of the broader implications of recent U.S. measures, which the Trump administration has labeled as 'reciprocal tariffs' related to VAT regulations.
Olof Gill, the EC's spokesperson for trade, emphasized during a press briefing that detailed discussions concerning potential retaliatory actions remain pending until all factors are clarified.
The spokesperson requested patience as the Commission assesses developments expected from Washington on April 2, 2025, before outlining possible responses.
The White House has informed American oil company Global Oil, French firm Maurel et Prom, and Spain's Repsol that their permits to export crude oil from Venezuela have been revoked.
These companies are required to cease operations in Venezuela by May 27, 2025.
In response to earlier U.S. tariffs on steel and aluminum, Brussels, representing the interests of 27 EU member states, had previously announced a delay in retaliatory measures that were set to respond to Trump’s initial tariffs.
This postponement is aimed at carefully calibrating the EU's counter-moves in response to the ongoing American protectionist strategy.
The EC's initial plan included two separate packages of tariffs: the first, worth €8 billion, was scheduled to begin on April 1, 2025, encompassing a list of products identified in previous trade disputes with the U.S. The second package, with a potential impact of €18 billion, was set for April 13, 2025. However, the decision was made to consolidate both packages into a single activation in mid-April.
This approach was influenced by two factors: the anticipated impact of the U.S. 'reciprocal tariffs' and the desire to allow more time for negotiations in search of a constructive resolution.
The EC stated that it is awaiting a comprehensive understanding of the broader implications of recent U.S. measures, which the Trump administration has labeled as 'reciprocal tariffs' related to VAT regulations.
Olof Gill, the EC's spokesperson for trade, emphasized during a press briefing that detailed discussions concerning potential retaliatory actions remain pending until all factors are clarified.
The spokesperson requested patience as the Commission assesses developments expected from Washington on April 2, 2025, before outlining possible responses.
The White House has informed American oil company Global Oil, French firm Maurel et Prom, and Spain's Repsol that their permits to export crude oil from Venezuela have been revoked.
These companies are required to cease operations in Venezuela by May 27, 2025.
In response to earlier U.S. tariffs on steel and aluminum, Brussels, representing the interests of 27 EU member states, had previously announced a delay in retaliatory measures that were set to respond to Trump’s initial tariffs.
This postponement is aimed at carefully calibrating the EU's counter-moves in response to the ongoing American protectionist strategy.
The EC's initial plan included two separate packages of tariffs: the first, worth €8 billion, was scheduled to begin on April 1, 2025, encompassing a list of products identified in previous trade disputes with the U.S. The second package, with a potential impact of €18 billion, was set for April 13, 2025. However, the decision was made to consolidate both packages into a single activation in mid-April.
This approach was influenced by two factors: the anticipated impact of the U.S. 'reciprocal tariffs' and the desire to allow more time for negotiations in search of a constructive resolution.
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