EU to Impose Counter Tariffs on $28 Billion Worth of US Goods

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President Donald Trumpโ€™s blanket 25 percent tariffs on all steel and aluminum imports have gone into effect.

The European Union responded on March 12 to U.S. President Donald Trumpโ€™s tariffs by targeting 26 billion euros ($28 billion) worth of American goods with countermeasures set to take effect next month.

The EU said the tariffs will apply to industrial-grade steel and aluminum, as well as semi-finished and finished steel and aluminum products, including derivative commercial goods ranging from machinery parts to knitting needles.

โ€œWe regret the unjustified US 25% tariff on steel and aluminium imports,โ€ the EU Commission said in a post on the social media platform X. โ€œWe are launching swift, proportionate countermeasures worth up to โ‚ฌ26 billion, matching the economic impact of the US tariffs.โ€

Trumpโ€™s 25 percent tariffs on all steel and aluminum imports went into effect shortly after midnight on March 12.

The president announced last month that he was introducing new standards requiring steel to be โ€œmelted and pouredโ€ and aluminum to be โ€œsmelted and castโ€ in North America to prevent countries like China from circumventing trade restrictions.

Trump said the purpose is to stop other nations from taking advantage of the United States, bolster domestic production, and bring jobs back to the U.S. economy.

โ€œThis is a big deal, the beginning of making America rich again,โ€ Trump told reporters at the Oval Office on Feb. 10. โ€œOur nation requires steel and aluminum to be made in America, not in foreign lands.โ€

Negotiations

In a March 12 post on X, President of the European Commission Ursula von der Leyen said: โ€œWe deeply regret the US tariffs imposed on Europe.โ€

She said that tariffs are taxes and โ€œare bad for business, and even worse for consumers.โ€

โ€œToday Europe takes strong but proportionate countermeasures,โ€ she added. โ€œWe remain ready to engage in dialogue.โ€

The European Commission said it will end its current suspension of tariffs on U.S. products on April 1 and that its tariffs will be fully in place by April 13.

The British government said it was disappointed, but stopped short of saying it would impose retaliatory trade tariffs in response to the U.S. measures.

By Owen Evans

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