Daily Times

The European Union is set to impose €26 billion in countermeasures against US tariffs on steel and aluminum imports. This decision follows the United States’ implementation of a 25% tariff on these products. European Commission President Ursula von der Leyen called the US tariffs “unjustified,” warning they could disrupt global supply chains and harm consumers and businesses on both sides of the Atlantic.

Starting April 1, the EU will reinstate countermeasures previously suspended in 2018 and 2020. These measures will target various US products, including steel, aluminum, and agricultural items like poultry and beef. As planned, a second round of tariffs will roll out by mid-April, fulfilling the €26 billion goal.

Maros Sefcovic, the EU’s trade commissioner, emphasised that Europe remains open to negotiations but will not accept “unjustified tariffs.” He stressed the need to strengthen the relationship with the US rather than weaken it. Critics argue that these tariffs could increase costs for consumers in both the US and Europe.

The EU’s countermeasures will significantly impact US exports, including motorbikes, boats, and bourbon. Despite escalating tensions and a brewing trade war with allies like Japan and Canada, the EU is committed to protecting its industries. The European Commission will consult stakeholders over the next two weeks to finalise the targeted products for the countermeasures.