EU Announces €26 Billion Retaliatory Tariffs in Response to US Steel Duties
The European Union has unveiled plans to impose €26 billion in countermeasures against US goods, retaliating against the 25% tariffs recently introduced by the US administration on steel and aluminium imports.
Key Developments:
- Retaliatory tariffs will take effect in two phases, starting April 1 and fully implemented by mid-April.
- The first phase will reinstate previously suspended countermeasures from 2018 and 2020.
- Targeted US exports include steel, aluminium, home appliances, poultry, beef, motorbikes, boats, and bourbon.
- EU Trade Commissioner Maros Sefcovic stated that while Europe remains open to dialogue, it will not tolerate “unjustified tariffs.”
EU’s Stance and Concerns
European Commission President Ursula von der Leyen strongly criticized the US tariffs, calling them “unjustified” and warning of their negative impact on global supply chains, businesses, and consumers.
“These tariffs are taxes. They are bad for business and even worse for consumers,” von der Leyen said. “They bring uncertainty to the economy, put jobs at risk, and drive up prices in both Europe and the United States.”
Trade War Escalation
The US tariffs, aimed at protecting American steel industries, have drawn criticism for raising costs for consumers and businesses globally. The EU, along with Japan and Canada, is now actively considering countermeasures to protect domestic industries and ensure fair trade practices.
Despite rising tensions, von der Leyen emphasized that the EU remains open to negotiations and hopes for a mutually beneficial resolution.
“We are ready to engage in meaningful dialogue,” she stated. “But these unjustified trade restrictions will not go unanswered.”
The European Commission will conduct a two-week consultation with stakeholders before finalizing the full list of targeted products. Unless an agreement is reached, the tariffs will be fully enforced by mid-April.
