Maros Sefcovic: US may collect around 7B euros in duties on EU exports

The US collected around 7 billion euros in duties on EU exports last year, EU trade chief Maros Sefcovic said, Report informs via Politico.

That figure would surge to as much as 100 billion euros if the ongoing investigations result in tariffs, Sefcovic estimated.

“If all these investigations lead to unjustified, harmful tariffs, then another 170 billion euros of EU exports to the U.S. would be impacted. This means that, in total, around 549 billion euros of EU exports to the US, i.e. 97 percent of the total, would be subject to tariffs,” Sefcovic told European lawmakers in Strasbourg.

The remarks come after the European Union estimated that Trump’s tariffs, combining the 20 percent “reciprocal” tariff on the EU and the 25 percent tariff on cars, car parts, steel and aluminum, would hit around 380 billion euros of EU goods — or 70 percent of the bloc’s exports to the United States.