The tariff policy imposed by Donald Trump will be met with a response from the European Union (EU), which on Wednesday initiated "swift and proportionate" countermeasures against imports from the United States, in response to the new "unjustified" tariffs imposed by that country on European steel and aluminum, as reported by Efe.
"The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to companies and consumers, as they often result in price increases," the European Commission stated in a press release.
The European Commission explained that its response to these US tariffs of 25% on imports of these metals from around the world has been "carefully calibrated" and is based on a two-phase approach.
Firstly, the Commission will allow the suspension of the existing countermeasures from 2018 and 2020 against the US to expire on April 1. These countermeasures are directed at a range of US products in response to the economic harm caused to EU steel and aluminum exports worth 8 billion euros.
Secondly, in response to the new US tariffs affecting over 18 billion euros of EU exports, the Commission proposes a package of new countermeasures on US exports that are expected to come into effect in mid-April, following consultations with Member States and stakeholders.
In total, the EU's countermeasures could therefore apply to US goods worth up to 26 billion euros, matching the economic scope of the US tariffs, as explained by the EC, which stated they represent a value of 28 billion euros.
Meanwhile, it stated that the EU remains willing to collaborate with the US Administration to find a negotiated solution, and emphasized that the measures announced "can be revoked at any time if such a solution is found."
"The trade relations between the European Union and the United States are the largest in the world. They have brought prosperity and security to millions of people, and trade has created millions of jobs on both sides of the Atlantic," noted the President of the European Commission, Ursula von der Leyen, who "deeply" regretted the US measure.
She stated that tariffs "are imposed, they are bad for businesses, and even worse for consumers," and emphasized that "they disrupt supply chains, bring uncertainty to the economy": "Jobs are at stake. Prices will rise. In Europe and in the United States," she warned.
Thus, she stressed that the EU "must act to protect consumers and businesses," and that the countermeasures decided today are "strong but proportionate."
Von der Leyen indicated that the European countermeasures will be introduced in two stages: they will "begin on April 1" and will fully come into effect on the 13th of that month, although in the meantime, they will remain "open to negotiation."
"We firmly believe that, in a world plagued by geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs. We are ready to engage in meaningful dialogue," she stated, and added that she has asked the European Commissioner for Trade, Maros Sefcovic, to "resume discussions to explore better solutions with the US."
The tariffs imposed by the United States on imported steel and aluminum came into effect on Wednesday at a time of growing market uncertainty due to the shifts in Donald Trump's government's trade policy, particularly embroiled in trade disputes with Canada.
The 25% tariffs on imported steel and aluminum to the US began immediately after midnight with no exceptions and mainly affect Brazil, Mexico, South Korea, and Vietnam in steel, and the United Arab Emirates, Russia, and China in aluminum.