We show you our most important and recent visitors news details EU strikes back against US steel and aluminum tariffs with retaliatory package in the following article
Hind Al Soulia - Riyadh - BRUSSELS — The EU executive on Wednesday launched a set of proportionate countermeasures on US imports into the EU, targeting a variety of American products, ranging from boats to bourbon to Harley-Davidson motorbikes.
The move comes in response to what the EU deems as unjustified and disruptive tariffs imposed by Washington, which took effect at midnight.
“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,” said European Commission President Ursula von der Leyen.
“Jobs are at stake. Prices will go up. In Europe and in the United States,” she continued.
One month ago, US President Donald Trump signed an executive order imposing a 25% tariff on imports of steel, aluminum, and related derivative products, affecting approximately €26 billion worth of EU exports.
At the time, the EU condemned the move, stating that it would not hesitate to retaliate if the US proceeded with the new tariffs.
The EU, particularly Germany, is a major steel exporter to the US. During Trump's first term, the EU responded to similar tariffs with €2.8 billion in duties on US goods.
The EU’s countermeasures will be implemented in two steps.
On 1 April the EU will allow the suspension of existing 2018 and 2020 countermeasures against the US to lapse.
These measures targeted a variety of American products, ranging from boats to bourbon to Harley-Davidson motorbikes, covering economic damage estimated at €8 billion.
By mid-April, the EU will impose a fresh round of countermeasures in response to the US tariffs. These will affect US exports valued at up to €18 billion, bringing the total EU response to €26 billion, matching the scale of the American tariffs.
The proposed target products for this second phase include industrial products such as steel and aluminum, textiles, leather goods, home appliances, house tools, plastics, and wood products, as well as agricultural products like poultry, beef, certain seafood, nuts, eggs, dairy, sugar and vegetables.
Meanwhile, a two-week stakeholder consultation will run until March 26, allowing industry and trade representatives to provide input on the proposed new countermeasures.
The final legal act enforcing the tariffs is expected to be in place by mid-April upon approval by the EU countries.
Despite its firm response, the European Commission remains open to a negotiated solution.
“In a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,” pointed out von der Leyen.
She has tasked EU Trade Commissioner Maroš Šefčovič with resuming talks to seek an alternative resolution with Washington.
The EU’s response follows a history of trade disputes over steel and aluminum tariffs dating back to 2018 when the Trump administration first imposed duties on European exports.
Although previous negotiations led to a suspension of retaliatory tariffs, the latest US measures have reignited tensions and prompted the EU to take action. — Euronews
These were the details of the news EU strikes back against US steel and aluminum tariffs with retaliatory package for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
