LONDON -- In a decisive move, the European Union announced on Wednesday its plans to implement countermeasures against the Trump administration's metals tariffs. The EU's response includes tariffs on approximately 26 billion euros, equivalent to about $28 billion, worth of goods imported from the United States. This development follows the U.S. government's decision to impose a 25% tariff on all steel and aluminum imports from various trading partners, with no exemptions.
The announcement was made by Ursula von der Leyen, president of the European Commission, who emphasized the necessity for the EU to protect both consumers and businesses amidst these escalating trade tensions. “Tariffs are taxes. They are detrimental to business and even worse for consumers,” von der Leyen stated. “These tariffs disrupt supply chains, create economic uncertainty, and threaten jobs. Prices will rise, impacting both Europe and the United States.”
The European Union has crafted its countermeasures to align closely with the U.S. tariffs. According to the commission, these measures are set to take effect on April 1, with full implementation expected by April 13. The initial phase involves reinstating previously suspended countermeasures from 2018 and 2020 against the U.S. on a selection of products.
Following this, the second phase will introduce new tariffs targeting around 18 billion euros of U.S. goods entering the EU. These new countermeasures will affect both industrial and agricultural imports, including steel, aluminum, home appliances, wood products, poultry, beef, and various food items, as detailed in a fact sheet released on Wednesday.
Maros Sefcovic, the EU's trade commissioner, stated that European officials remain committed to collaborating with their U.S. counterparts to achieve a mutually beneficial outcome. “The unjustified tariffs on our exports will not go unanswered,” Sefcovic remarked. “We should be working to strengthen this vital relationship, not weaken it.”
As the situation unfolds, both the U.S. and the EU must navigate these complex trade challenges, keeping in mind the broader implications for global trade, supply chains, and economic stability.
