EU Imposes Retaliatory Tariffs on U.S. Goods Worth €26 Billion
Following new U.S. tariffs on European steel and aluminum, the European Commission has taken countermeasures, introducing tariffs on American goods in two stages.
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The European Commission has announced the imposition of retaliatory tariffs on American goods worth up to €26 billion. The information was published on the official website of the European Union.
This decision comes in response to the U.S. move to raise tariffs on European steel and aluminum, which the EU considers unjustified and harmful to businesses and consumers.
The new restrictions will be implemented in two phases. Starting April 1, the EU will reinstate tariffs from 2018 and 2020 on American goods, affecting imports worth €8 billion.
Following consultations with EU members, additional tariffs on U.S. imports worth another €18 billion will come into effect on April 13.
European Commission President Ursula von der Leyen noted that a trade war would negatively impact both economies, but the EU must protect its interests.
The European Union remains open to negotiations, but the imposed measures will remain in place until a mutually beneficial solution is reached.
Trade Commissioner Maroš Šefčovič stated that negotiations with Washington remain a priority, as both sides seek stable trade relations.
However, Brussels views the retaliatory measures as necessary, arguing that U.S. actions threaten economic stability.
Earlier reports indicated that the U.S. is imposing a 25% tariff on steel from Canada, the EU, Mexico, Ukraine, and other countries, citing national security concerns.
Additionally, it was reported that China has increased tariffs on U.S. goods and imposed sanctions on 25 American companies, signaling a readiness for a prolonged economic standoff.