On Wednesday, the European Union (EU) officially approved its first set of retaliatory measures in response to U.S. tariffs on steel and aluminum, with duties to begin being collected on April 15.
This response package was previously unveiled, targeting a variety of U.S. goods. The 27-nation bloc had warned that it would take action to safeguard European businesses and consumers from the economic consequences of U.S. President Donald Trump’s tariff decisions.
According to the information EU member states approved on Wednesday 25% tariffs on a range of US products, including almonds, orange juice, poultry, soyabeans, steel and aluminium, tobacco and yachts, in retaliation against 25% tariffs imposed by the US on imports of steel and aluminium from the bloc.
EU’s Stance on U.S. Tariffs and Negotiation Call
The European Commission, the EU’s executive arm, condemned the U.S. tariffs as unjustified and damaging to both the economies of the U.S. and the EU, as well as the global economy. The Commission reiterated the EU’s preference for a negotiated settlement with the U.S. that would lead to balanced and mutually beneficial outcomes. However, the EU remains firm in its position that it would take necessary countermeasures to protect its interests.
Impact of U.S. Tariffs on EU Exports
The tariffs imposed by the U.S. on European products affect approximately 380 billion euros worth of exports from the EU to the U.S., making up 70% of the EU’s total exports to the United States. Maros Sefcovic, the EU’s Commissioner for Trade, revealed that this tariff impact would result in over 80 billion euros in duties—an eleven-fold increase from the current 7 billion euros collected by the U.S. under existing tariffs.
With the EU set to begin collecting the first round of retaliatory tariffs on April 15, a second set of measures will follow on May 15, marking an ongoing escalation in the trade dispute. Despite these actions, European leaders, including European Commission President Ursula von der Leyen, have emphasized their willingness to engage in talks with the U.S. to address concerns through negotiations, stressing that a resolution is still possible.
Kosta Gushterov
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Source: https://coindoo.com/eu-approves-retaliatory-tariffs-on-u-s-imports-amid-trade-dispute/