Source: Council of the European Union (video statements)
What are tariffs? How does the European Union use tariffs? How do tariffs affect import and export? In this video we give a brief explanation of how tariffs work.
Tariffs are trade barriers that restrict international trade. That’s why the EU has abolished tariffs among its members, building a single market. But for goods entering the EU market from the outside, tariffs can apply. It is the EU’s goal to reduce tariffs wherever possible, and to negotiate trade agreements with third countries and partners. The EU uses tariffs in specific cases, to protect European production and jobs by ensuring fair competition.
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To find out more, visit the Council’s web page on trade: https://www.consilium.europa.eu/en/topics/trade/
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Timestamps:
00:00 – Introduction
00:09 – The EU’s single market
00:28 – Tariffs on imports from non-EU countries
00:36 – Why are tariffs imposed?
01:01 – The downsides of tariffs
01:31 – EU’s approach on trade deals
01:59 – Conclusion
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