European Commission President Ursula von der Leyen recently had discussions with representatives from the metals industry and plans to engage with the automobile sector to address the impact of U.S. tariffs. These talks aim to gather information for developing additional trade counter-measures to supplement the response to Washington's steel duties. A call with the European pharmaceutical industry is also scheduled for the next day.

Following the announcement of tariffs by the U.S. last week, global markets reacted negatively, with Asian and European markets experiencing downturns, and oil prices falling amid concerns about potential economic repercussions. Von der Leyen's letter mentioned the EU's intention to propose a new trade measure to replace steel safeguards in the future, seeking input from various sectors to shape the EU's response to the tariffs.

As part of these efforts, discussions with the European automobile industry were scheduled, involving industry groups and top executives from major companies like BMW, Volkswagen, and others. The Commission is looking to analyze the potential impact of U.S. tariffs on the EU automotive sector and explore effective strategies for a response. The pharmaceutical sector is also expected to provide insights and feedback on the matter, with industry representatives and lobby groups participating in the dialogue.