Toilet paper, eye makeup might become costlier in EU
What's the story
The European Union (EU) has warned of retaliatory tariffs on a wide range of US goods, such as toilet paper, soybeans, eye makeup, etc.
The move depends on the outcome of ongoing trade negotiations with America.
The bloc of 27 countries has announced a comprehensive list, detailing US products that may be subject to additional customs duties of 25% if an agreement isn't reached.
Customers in the EU may soon have to pay more for these goods.
Escalation
Retaliation to US tariffs on steel and aluminum
The proposed EU tariffs are part of a wider trade conflict, sparked by US President Donald Trump's hefty tariffs on several trading partners.
The EU had initially planned to impose its countermeasures in response to Trump's 25% tariffs on all imports of steel and aluminum.
However, the bloc suspended these measures for 90 days after Trump similarly delayed his reciprocal tariffs announced earlier this month.
Official statement
EU's executive arm comments on trade negotiations
The European Commission, the EU's executive body, said it has "paused its countermeasures on unjustified US trade tariffs to allow time and space for EU-US negotiations."
The Commission added that "should talks not prove satisfactory, the EU countermeasures will kick in."
The statement highlights the bloc's intention to give negotiations a chance before retaliatory measures come into play.
Repercussions
Potential impact on US goods exported to Europe
The EU's proposed tariffs could impact some 400 US products from mid-July, while another 1,300 items could face steep import taxes at the same time or later.
The EU's list mostly spares the top five American exports to Europe, including pharmaceuticals and medicines, oil and gas, aerospace goods and parts, medical equipment and supplies as well as motor vehicles.
Soybeans are America's biggest agricultural export to this region.
Statement
French minister criticizes Trump's trade policies
French minister Francois Bayrou slammed Trump's trade policies.
He said, "America's trading partners were being forced to take retaliatory measures that are themselves dangerous."
Bayrou called it a "hurricane - whose consequences will not disappear anytime soon - by firing the starting gun on a global trade war without warning overnight, imposing unimaginable customs duties."