The European Union has announced measures in response to the new US tariffs on steel and aluminum imports that came into effect on March 12.
The European Commission said in a statement that it is launching a series of countermeasures to protect European businesses, workers, and consumers from the impact of “these unjustified trade restrictions.”.
“The Commission regrets the decision of the United States to impose such tariffs, considering them unjustified, undermining transatlantic trade and harming businesses and consumers, often leading to higher prices,” the statement said.
In total, the EU’s countermeasures may apply to exports of US goods worth up to EUR 26 billion, which corresponds to the economic coverage of US tariffs.
At the same time, the EU remains ready to work with the US administration to find a negotiated solution. The aforementioned measures can be lifted at any time if such a solution is found.
“We deeply regret this measure. Tariffs are taxes. They are bad for business and even worse for consumers… Prices will go up. Both in Europe and in the United States. The EU must act to protect consumers and businesses,” said Ursula von der Leyen, President of the European Commission.
She describes the measures proposed by the EC as “strong but proportionate.”
“As the US imposes tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros. This corresponds to the economic scale of the US tariffs,” von der Leyen said.
She announced the two-stage introduction of the European countermeasures, which will begin on April 1 and fully take effect on April 13. As a first step in this process, a two-week consultation with stakeholders will be held until March 26.
Based on the feedback received, the European Commission will finalize its proposal for countermeasures and consultations. The Commission plans to complete this process and adopt a legal act on the introduction of countermeasures by mid-April.
Earlier, US President Donald Trump announced his intention to impose 25% tariffs on steel and aluminum exports to the United States.
Even before the official announcement, the European Commission called Trump’s decision “illegal and counterproductive.”
