EU imposes countermeasures after Trump tariffs on steel and aluminium take effect
In response to the imposition of new, unjustified US tariffs on EU steel and aluminium imports, the European Commission (EC) has launched swift and proportionate countermeasures on US imports into the EU, the EC said on March 12.
“The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices,” the EC said.
The BBC reported that the measure imposed by Trumep, which raises a flat duty on steel and aluminium entering the US to 25 per cent and ends all country exemptions to the levies, will likely escalate tensions with some of America’s largest trading partners.
The EC said in a statement on its website that the Commission’s response was carefully calibrated, based on a two-step approach.
First, the Commission will allow the suspension of existing 2018 and 2020 countermeasures against the US to lapse on April 1. These countermeasures target a range of US products that respond to the economic harm done on eight billion euro of EU steel and aluminium exports.
Second, in response to new US tariffs affecting more than 18 billion euro of EU exports, the Commission is putting forward a package of new countermeasures on US exports. They will come into force by mid-April, following consultation of Member States and stakeholders.
In total, the EU countermeasures could therefore apply to US goods exports worth up to 26 billion euro, matching the economic scope of the US tariffs, the EC said.
“In the meantime, the EU remains ready to work with the US administration to find a negotiated solution,” the Commission said.
The abovementioned measures can be reversed at any time should such a solution be found, it said.
President of the European Commission, Ursula von der Leyen, said: “The trade relations between the European Union and the US are the biggest 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,” Von der Leyen said.
As of this morning the United States is applying a 25 per cent tariff on imports of steel and aluminium, she said.
“We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake.
“Prices will go up. In Europe and in the United States. The European Union must act to protect consumers and business. The countermeasures we take today are strong but proportionate,” Von der Leyen said.
(Photo: EC Audiovisual Service)
