On Wednesday, the European Union approved its first set of retaliatory tariffs in response to U.S. tariffs on steel and aluminum.
Starting April 15, the EU will begin collecting duties on a variety of U.S. goods. This measure, unveiled last month, was in reaction to U.S. President Donald Trump’s imposition of 25% tariffs on these metals. The EU had previously warned that it would act to protect European businesses and consumers after the U.S. tariffs.
The U.S. also implemented a 20% tariff on goods from over 180 countries and territories, effective April 2.
The European Commission called the U.S. tariffs unjustified and harmful to both economies and the global market. It emphasized the EU’s preference for negotiated solutions that would benefit both sides. While the EU is preparing for further countermeasures, Commission President Ursula von der Leyen stated that the EU remains open to negotiations with the U.S.
Maros Sefcovic, the EU’s trade commissioner, confirmed that the first round of tariffs on U.S. imports would begin on April 15, with a second round expected by May 15. The U.S. tariffs are impacting 380 billion euros ($420.45 billion) worth of European exports, which account for 70% of the EU’s total exports to the U.S.
Sefcovic noted that this is a significant increase in duties, with the U.S. currently collecting just 7 billion euros compared to the 80 billion euros the EU will now impose.
