Brussels: Europe and the Arabs
The European Commission has requested a full explanation of the steps the United States intends to take following the recent Supreme Court decision regarding the International Emergency Economic Powers Act (IEEPA). A European statement issued in Brussels on Sunday evening said the current situation does not contribute to achieving "fair, balanced, and mutually beneficial" transatlantic trade and investment, as agreed upon by both sides and enshrined in the EU-US Joint Declaration of August 2015.

The Commission added in the statement: "The Commission will always ensure that the EU's interests are fully protected. EU companies and exporters must enjoy fair treatment, transparency, and legal certainty. A deal is a deal. As the United States' largest trading partner, the EU expects the US to fulfill its commitments under the Joint Declaration, just as the EU will fulfill its own. In particular, EU products must continue to benefit from the most competitive treatment, without any tariff increases beyond the previously agreed clear and comprehensive maximum. Tariffs are taxes that increase costs for both consumers and businesses, as recent studies clearly demonstrate. When applied unexpectedly, tariffs are inherently destabilizing, undermining confidence and stability in global markets and exacerbating uncertainty." Certainty in international supply chains.

The European Commission is in close and continuous contact with the US administration. On Saturday, February 21, EU Trade Commissioner Maroš Šefčovič spoke with US Trade Representative Jameson Greer and Secretary of Commerce Howard Lutnick.

We will continue working to reduce tariffs, according to the joint statement. The EU's priority is to maintain a stable and predictable transatlantic trading environment, while simultaneously serving as a global pillar of rules-based trade.

The statement concluded, "The EU continues to expand its network of comprehensive and ambitious 'tariff-free' trade agreements worldwide and its efforts to strengthen the open and rules-based trading system."