The European Union took a significant step on Wednesday by approving its initial set of retaliatory tariffs aimed at countering the steel and aluminum duties imposed by the United States.
The European Commission, which serves as the EU’s executive body, announced that the new duties are set to begin on April 15. A draft document reviewed by Finance Newso indicated that the tariffs will affect a diverse array of products, including poultry, grains, clothing, and various metals. However, the EU has yet to provide a definitive list of the products that will be impacted and refrained from further comments on the matter after the vote.
This action comes after the 27-nation bloc warned that it would take necessary measures to safeguard European businesses and consumers following U.S. President Donald Trump’s implementation of a 25% tariff on certain metals.
The European Commission remarked, “The EU deems the U.S. tariffs to be unjustified and harmful, inflicting economic damage on both parties as well as on the global economy. The EU has expressed a strong preference for negotiated resolutions with the U.S. that would be balanced and mutually advantageous.”
Additionally, the EU is confronting its own tariffs of 20% on nearly all U.S. imports, part of a broader strategy announced by Trump on April 2 that targets over 180 countries and territories.
During this time, European Commission President Ursula von der Leyen reiterated the EU’s readiness to respond with countermeasures unless effective negotiations with the U.S. were achieved.
“We are prepared to respond,” she declared, emphasizing that the EU is working on additional protective measures for its interests and businesses, while simultaneously urging dialogue with the U.S. “It is not too late to address concerns through negotiations,” she added.
Maros Sefcovic, the EU’s commissioner for trade and economic security, stated on Monday that the initial tranche of tariffs on U.S. imports would be implemented starting April 15, with a subsequent set of measures following on May 15.
The U.S. tariffs currently affect approximately 380 billion euros ($420.45 billion) worth of European exports to the United States, representing nearly 70% of the EU’s total exports, Sefcovic noted during a briefing.
He further elaborated, “To contextualize this, these tariffs amount to over 80 billion euros in duties, which is an eleven-fold increase compared to the 7 billion euros currently collected by the U.S.”
In response to these developments, countries globally are strategizing their reactions to the duties, which have induced turmoil in international markets. China, facing a total tariff of 104% on its goods, announced on Wednesday that its tariffs on U.S. goods entering the country will increase to 84% from 34%, effective April 10.
— Finance Newso’s Silvia Amaro contributed to this report.
