EU approves initial tariffs on €20 billion of U.S. products in response
On Wednesday, the EU implemented its initial countermeasures in response to U.S. President Donald Trump's extensive tariffs, focusing on over 20 billion euros' worth of U.S. goods, including soybeans, motorcycles, and beauty products, according to the European Commission.
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On Wednesday, the European Union implemented its initial measures in response to U.S. President Donald Trump's aggressive tariffs, targeting over 20 billion euros worth of American goods such as soybeans, motorcycles, and beauty products, according to the European Commission.
The EU maintains that the U.S. tariffs are both unjustified and harmful, inflicting economic damage on both sides and affecting the global economy, as stated in an official announcement.
The European Commission presented the proposed retaliatory duties on Monday, with most set at 25 percent. These tariffs are aimed at a variety of U.S. imports as a reaction to Washington's tariffs on steel and aluminum.
The targeted list includes agricultural and industrial items such as soybeans, poultry, tobacco, iron, motorcycles, dental floss, as well as steel and aluminum. These products accounted for approximately 22 billion euros last year.
The tariff implementation will occur in three stages. The first phase, impacting goods like cranberries and orange juice, will start on April 15. The second phase, which includes steel, meat, white chocolate, and polyethylene, is set to commence on May 16. The final stage, focusing on almonds and soybeans, is planned for December 1.
The European Commission reiterated its desire "to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial."
"These countermeasures can be suspended at any time, should the U.S. agree to a fair and balanced negotiated outcome," it noted.
The current retaliatory measures do not address two recent U.S. trade actions: the 20 percent "reciprocal" tariffs on all EU exports that came into effect on Wednesday and the 25 percent tariffs on automobiles. Additionally, the Trump administration has signaled potential future tariffs on pharmaceuticals.
Thomas Evans for TROIB News
The EU maintains that the U.S. tariffs are both unjustified and harmful, inflicting economic damage on both sides and affecting the global economy, as stated in an official announcement.
The European Commission presented the proposed retaliatory duties on Monday, with most set at 25 percent. These tariffs are aimed at a variety of U.S. imports as a reaction to Washington's tariffs on steel and aluminum.
The targeted list includes agricultural and industrial items such as soybeans, poultry, tobacco, iron, motorcycles, dental floss, as well as steel and aluminum. These products accounted for approximately 22 billion euros last year.
The tariff implementation will occur in three stages. The first phase, impacting goods like cranberries and orange juice, will start on April 15. The second phase, which includes steel, meat, white chocolate, and polyethylene, is set to commence on May 16. The final stage, focusing on almonds and soybeans, is planned for December 1.
The European Commission reiterated its desire "to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial."
"These countermeasures can be suspended at any time, should the U.S. agree to a fair and balanced negotiated outcome," it noted.
The current retaliatory measures do not address two recent U.S. trade actions: the 20 percent "reciprocal" tariffs on all EU exports that came into effect on Wednesday and the 25 percent tariffs on automobiles. Additionally, the Trump administration has signaled potential future tariffs on pharmaceuticals.
Thomas Evans for TROIB News
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