The European Commission has announced counter-measures worth €26 billion as US tariffs on EU aluminium and steel come into force.
President Trump has imposed a 25 percent tariff on all aluminum and steel products. The move echos the tariffs he imposed during his first term in office back in 2018.
In response, the EU will unfreeze counter tariffs it took back then worth €4.5 billion. Those will apply from 1 April.
Then, from 13 April, if there is no resolution, an addition set of tariffs worth €18 billion will be applied by the EU on US goods.
The EU’s Trade Commissioner, Maroš Šefčovič, said they had carefully chosen tariffs to try to minimise the impact on EU businesses.
But the growing trade war is bad for businesses on both sides.
“The trade relations between the European Union and the United States are the biggest in the world. They have brought prosperity and security to millions of people. And trade has created millions of good jobs on both sides of the Atlantic”, said European Commission President, Ursula von der Leyen.
“We firmly believe that in a world fraught with geoeconomic and political uncertainties, it is not in our common interest to burden our economies with such tariffs. We are ready to engage in a meaningful dialogue.”