Overview
- President Trump said the United States will add a 10% duty on all imports from eight European countries starting Feb. 1.
- Treasury Secretary Besent defended the plan on NBC, saying the U.S. is using economic power to avoid war with Russia and China and citing the need to avert a national emergency.
- The eight targeted governments issued a joint statement rejecting tariff threats as damaging to transatlantic relations and warning of a dangerous cycle.
- EU President Costa announced an emergency leaders’ meeting on Jan. 22 to craft a unified response.
- The EU is considering retaliatory tariffs totaling about €93 billion, with reported targets including aircraft parts, soybeans, chicken and bourbon, according to the FT and EU officials.