00:00Now that the shock is over, the European Union is preparing its trade response.
00:06The 27 trade ministers met in Brussels on Monday to drop a joint response to the 30% tariffs announced by the United States on Saturday.
00:14The EU still wants to give priority to negotiations.
00:17But it said it's prepared to use all means necessary to defend its interests without giving more details.
00:23Some member countries, however, such as France and Spain, are more vocal with their objections.
00:30A first European package of countermeasures has already been established.
01:00One of the new options on the table is a second larger package of countermeasures valued at 72 billion euros.
01:09There's also talk of activating the anti-coercion instrument.
01:13This is a mechanism for responding to trade pressures by imposing customs duties or limiting access to public contracts.
01:19We should negotiate, for sure. We do have time left.
01:22What we need to change is we need to be very concrete now how we will retaliate.
01:27We were very abstract until now. We need to be very concrete.
01:30This is our package. This is what we will do.
01:33We will use the anti-coercion instrument.
01:36And that, I think, will have spooked the markets and maybe also then President Trump.
01:41So we have to be very concrete of how we will retaliate now.
01:44The deadline is the 1st of August.
01:48The EU says its biggest priority is to strike a deal to avoid a trade war with its main partner.
01:53Come out!
01:55The EU
02:02The EU
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