In response to U.S. tariffs on steel and aluminum, the European Commission announced Wednesday that the European Union will increase its global trade war by enacting counter-tariffs on 26 billion euros ($28 billion) worth of U.S. imports starting next month. However, the EU executive stated that it was still willing to negotiate and that it did not believe that higher tariffs were in the best interests of anyone.
As previous exemptions, duty-free quotas, and product exclusions expired, U.S. President Donald Trump’s higher tariffs of 25% on all imports of steel and aluminum went into force on Wednesday. The European Commission stated that the tariffs will be completely implemented by April 13 and that it will lift its current suspension of tariffs on U.S. goods on April 1.
“We are taking tough but appropriate countermeasures today. Ursula von der Leyen, the head of the European Commission, told reporters, “We are retaliating with countermeasures worth 26 billion euros as the United States is imposing tariffs worth $28 billion.” “The EU must act to protect its consumers and business.”
Boats, bourbon, and motorcycles are among the things that are subject to the postponed duties. The EU announced that it will now begin a two-week consultation process to choose further product categories. With the overall goal of ensuring that the entire value of the EU measures matches the increased value of trade hit by the additional U.S. tariffs, the new measures will target items worth about 18 billion euros, according to the EU.
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