ICC responds to US-EU tariff proposal

In response to a US proposal to increase tariffs on European Union goods, ICC is calling for redoubled ongoing efforts to renew the US-EU trade relationship.

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ICC Secretary General John W.H. Denton AO said:

"The proposed tariff hike on EU imports introduces major uncertainty into one of the most stable and integrated trade relationships in the world. The immediate effect - for businesses on both sides of the Atlantic - will be to further chill investment decisions, disrupt essential supply chains and undermine market confidence.

"The transatlantic relationship is not only of immense economic importance - it is, in many ways, the cornerstone of the rules-based global trading system. For decades, EU-US trade has set an important standard for openness, reliability and shared prosperity. A sharp escalation in tariffs between two central pillars of the global economy risks sending shockwaves through the global business community at a time when stability is at an absolute premium.

"We call on the US and EU to redouble ongoing efforts to renew their trade relationship. A swift and coordinated de-escalation is essential to preserve the trust and stability that underpin international commerce, business investment and job creation."