The European Union will impose counter-tariffs on €26 billion worth of US goods from next month, the European Commission said on March 13, ramping up a global trade war in response to blanket US tariffs on steel and aluminium.
The EU executive said, however, that it remained open to negotiations and considered higher tariffs in no one’s interest.
US President Donald Trump’s increased tariffs of 25 per cent on all steel and aluminium imports took effect on March 13 as prior exemptions, duty-free quotas, and product exclusions expired.
The European Commission said it will end its current suspension of tariffs on US products on April 1 and that its tariffs will be fully in place by April 13.
“The counter measures we take today are strong but proportionate. As the United States are applying tariffs worth $28 billion, we are responding with counter measures worth €26 billion,” European Commission chief Ursula von der Leyen told reporters.
“The EU must act to protect its consumers and business,” she added.
The suspended tariffs apply to products ranging from boats to bourbon to motorbikes, and the EU said it would now start a two-week consultation to pick other product categories.
The new measures will target around 18 billion euros in goods, with the overall objective to ensure that the total value of the EU measures corresponds to the increased value of trade impacted by the new US tariffs, the EU said.
“In the meantime, we will always remain open to negotiations,” von der Leyen said.
“We firmly believe that in a world fraught with geoeconomic and political uncertainties, it is not in our common interest to burden our economies with such tariffs. We are ready to engage in a meaningful dialogue.”
The proposed target products include industrial and agricultural products, such as steel and aluminium, textiles, home appliances, plastics, poultry, beef, eggs, dairy, sugar and vegetables.