Brussels (Brussels Morning Newspaper) – European Commission president Ursula von der Leyen responded to new US tariffs on steel and aluminium imports, announcing a package of countermeasures targeting US exports. This countermeasure comes after the Donald Trump administration officially increased tariffs on all steel and aluminum imports to 25 per cent.
The European Union’s countermeasures, amounting to 26 billion euros, roughly equal to the $28 billion tariffs from the US side, will come into effect from April 1, the report also revealed. In addition to steel and aluminium tariffs, these tariffs also include duties on industrial and agricultural products.
Approximately one month ago, EU vows countermeasures against Trump’s steel tariffsUS President Donald Trump imposed a 25% tariff on imports of steel, aluminium, and related derivative products, impacting approximately €26 billion worth of EU exports.
What did Ursula von der Leyen say about the tariffs?
“As the US are applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros,”
Von der Leyen said in a statement.
“We will always remain open to negotiation. We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,”
Von der Leyen said.
“We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy,”
She said.
Which US exports will be affected by EU tariffs?
The European Commission also said that steel and aluminum products would be hit in return, but also leather goods, textiles, home appliances, wood and house tools, plastic.. Agricultural products will also be affected— including poultry, nuts, beef, some seafood, eggs, sugar and vegetables.
When will the EU’s countermeasures take effect?
As reported by euronews, the European Union’s countermeasures will be executed in two steps. On April 1, the EU will give permission for the suspension of existing 2018 and 2020 countermeasures against the US to lapse.
As a result of these measures, American products were targeted, ranging from boats to bourbon to Harley-Davidson motorbikes, surrounding economic harm estimated at €8 billion.
As soon as the end of April approaches, the EU will implement a fresh round of countermeasures in response to the US tariffs. It is expected that these tariffs will affect US exports valued at up to €18 billion, bringing the total EU response to €26 billion, equaling American tariffs.
