EU vs. Tariffs: Von der Leyen's Strategic Industry Talks

European Commission President Ursula von der Leyen engages with various industrial sectors to devise counter-measures against U.S. tariffs, especially impacting metals, automobiles, and pharmaceuticals. The discussions aim to address trade issues beyond the immediate impact of Washington’s steel duties, with future regulatory plans also on the agenda.

European Commission President Ursula von der Leyen spearheaded critical discussions with the metals industry on Monday, addressing the ramifications of new U.S. tariffs and outlining potential EU counter-measures. In response to escalating trade tensions, she planned further engagements with the automobile sector and the pharmaceutical industry.

The talks, aimed at crafting strategies beyond Brussels' imminent vote on Washington's steel duties, prompted immediate market reactions. European and Asian shares, alongside oil prices, experienced significant drops, reflecting fears of a global recession triggered by rising prices and diminished demand.

The focus extended beyond immediate concerns, with von der Leyen hinting at protective trade measures set for implementation by 2026. Meanwhile, the auto industry advocated for reduced EU tariffs on U.S. imports, while the pharmaceutical sector sought clarity on regulatory processes to bolster European manufacturing capabilities.

(With inputs from agencies.)