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EU Plans €26 Billion Tariffs in Response to New US Metal Duties

The European Union counters US-imposed steel and aluminium tariffs with measures targeting American goods, while leaving the door open for negotiations.

Domestic demand for British steel has contracted just as cheap imports, including shipments diverted from the US, are about to rise
“The European Union must act to protect consumers and business,” said Ursula von der Leyen, president of the European Commission
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Overview

  • The US has imposed a 25% tariff on steel and aluminium imports, affecting €18 billion worth of EU exports.
  • In retaliation, the EU announced €26 billion in countermeasures, including reinstating suspended 2018 tariffs and introducing new levies by mid-April.
  • The EU's measures will target a range of US goods, including industrial products, agricultural goods, and previously exempt items like boats and bourbon.
  • European Commission President Ursula von der Leyen emphasized the negative economic impact of tariffs, calling them harmful to businesses, consumers, and supply chains.
  • The EU expressed willingness to negotiate with the US, citing the need to avoid further economic disruption and safeguard transatlantic trade relations.