A doubling of tariffs on steel exports to the US undermines EU efforts to reach a deal with the Trump administration, the European Commission says.
Over the weekend, US President Donald Trump announced that 25 percent tariffs on steel and aluminium would be doubled to 50 percent from Wednesday.
The EU has prepared retaliatory action against the US on the 25 percent tariffs, but that retaliation is currently paused whilst the European Union tries to reach a deal.
“We strongly regret the announced increase of steel tariffs from 25 percent to 50 percent by the US”, said the European Commission’s Trade Spokesperson, Olaf Gill.
“We believe that this decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic.
It also undermines our ongoing efforts to reach a negotiated solution with the US.”
According to Irish Steel, the trade association for the sector, nearly one-third of Irish steel exports are to the US.
The EU’s Trade Commissioner Maros Šefčovič is due to meet his US counterpart, Jamieson Greer in Paris on Wednesday.
“In the event that our negotiations do not lead to a balanced outcome the EU is prepared to impose countermeasures, including in response to this latest tariff increase”, the Olaf Gill warned.
Wider Trump tariffs are currently on pause for 90 days. That pause is due to expire in July unless the US and EU reach a deal.
Earlier today, European Commission President, Ursula von der Leyen, met US Republican Senator, Lindsey Graham.
According to the EU after the meeting, both agreed “that a negotiated solution before the end of the 90 days period would be the best scenario.”