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EU's Trade Surplus with the US Continues to Grow Amid Tariff War

EU's Trade Surplus with the US Continues to Grow Amid Tariff War

According to data from the European Union's statistics office, the overall trade surplus of the EU in April was €7.4 billion, a significant decline from €12.7 billion in the same period last year. Nevertheless, the EU's trade surplus with the United States has expanded for the 16th consecutive month since January of the previous year, although the rate of increase has diminished compared to previous months.

Specifically, the EU's trade surplus with countries such as the UK, Switzerland, and Mexico has narrowed, while its trade deficit with countries like China, Norway, and South Korea has increased. Exports of machinery and automobiles to other regions of the world fell by 4.3% year-on-year, but exports of food, beverages, and chemicals showed an increase compared to last year.

In the face of the tariff war initiated by President Trump, the EU has faced a 25% tariff on steel and aluminum since March 11, and a 25% tariff on automobiles since April 3, as well as a 25% tariff on auto parts since May 3. Additionally, on June 4, the US doubled the metal tariff rate to 50%.