The European Union (EU) on Wednesday (March 12, 2024) introduced retaliatory commerce motion after the Donald Trump administration formally elevated tariffs on all metal and aluminum imports to 25%, with duties on industrial and agricultural merchandise that will go into effect April 1, 2025.
“As the U.S. are applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros ($28 billion),” European Commission President Ursula von der Leyen mentioned in a press release.
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The fee manages commerce and industrial conflicts on behalf of the 27 member nations.
“We will always remain open to negotiation. We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,” Ms. von der Leyen mentioned.
The Commission additionally mentioned metal and aluminum merchandise could be hit in return, but additionally textiles, leather-based items, residence home equipment, home instruments plastics and wooden. Agricultural merchandise will even be impacted — together with poultry, beef, some seafood, nuts, eggs, sugar and greens.
President Donald Trump mentioned his taxes would assist create U.S. manufacturing facility jobs, however Ms. von der Leyen mentioned: “Jobs are at stake. Prices will go up. In Europe and in the United States.”
“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,” she mentioned.
“European steel companies have been bracing for losses. It will further worsen the situation of the European steel industry, exacerbating an already dire market environment,” Henrik Adam, president of the Eurofer European metal affiliation, mentioned final month.
He mentioned the EU might lose up to 3.7 million tonnes of metal exports. The United States is the second largest export marketplace for EU metal producers, representing 16% of the overall EU metal exports. “Losing a significant part of these exports cannot be compensated by EU exports to other markets,” Mr. Adam mentioned.
Published – March 12, 2025 12:56 pm IST
