EU Sanctions US with Tariffs Up to 25%, Approval Granted
The countermeasures, set to take effect next week, will reportedly focus on specific products. EU member states have ratified retaliatory measures in response to the tariffs imposed by US President Donald Trump on the bloc's steel and aluminum....
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The countermeasures, set to take effect next week, will reportedly focus on specific products.
EU member states have ratified retaliatory measures in response to the tariffs imposed by US President Donald Trump on the bloc's steel and aluminum. However, this reaction does not address the 20% tariffs on all EU exports that were implemented on Wednesday.
Trump, who has consistently accused the EU of treating America “badly,” announced 25% duties on metals last month, asserting that the policy targets nations with high barriers to US goods.
While the European Commission has not released specific details about the targeted goods or tariff levels, media reports referencing internal documents indicate that the measures will encompass a broad range of US products, including poultry, grains, clothing, and metals. It is reported that most items will incur a 25% tariff, with certain categories facing 10%. A statement from the European Commission on Wednesday noted that the bloc’s countermeasures would be effective starting April 15.
Diplomats from the EU with direct knowledge of the decision revealed that Hungary was the only country to oppose the package, with all other 26 member states in support.
The estimated volume of US imports affected is expected to be slightly less than the value of EU exports impacted by the US tariffs, amounting to about €22 billion per year. Reports indicate that bourbon was excluded from the list following pressure from France, Ireland, and Italy after Trump cautioned that targeting it could lead to a 200% tariff on European alcohol.
The Commission characterized the US tariffs as “unjustified and damaging," stating that they inflict economic harm on both sides and disrupt the global economy. It added that the countermeasures could be lifted “at any time” if the US agrees to a “fair and balanced negotiated outcome.”
In addition, the current measures do not encompass Trump’s separate initiative to impose 20% tariffs on all EU exports, effective Wednesday as part of his so-called ‘Liberation Day’ tariffs, nor do they address his new 25% tariff on cars.
The Commission is preparing a second set of retaliatory measures to counter these tariffs, which may be presented as early as next week, according to trade spokesperson Olof Gill on Tuesday.
Last week, Trump announced extensive global tariffs, claiming they were essential to restore fairness in global trade and accusing other nations of “ripping off” the US with “harmful policies.” He described the EU as “very tough traders” and claimed that American companies pay over $200 billion annually in value-added taxes across Europe. Trump also warned of additional measures if the EU responds with retaliation.
The escalating trade tensions have unsettled global markets and heightened fears of a potential global recession.
Mark B Thomas contributed to this article for TROIB News
EU member states have ratified retaliatory measures in response to the tariffs imposed by US President Donald Trump on the bloc's steel and aluminum. However, this reaction does not address the 20% tariffs on all EU exports that were implemented on Wednesday.
Trump, who has consistently accused the EU of treating America “badly,” announced 25% duties on metals last month, asserting that the policy targets nations with high barriers to US goods.
While the European Commission has not released specific details about the targeted goods or tariff levels, media reports referencing internal documents indicate that the measures will encompass a broad range of US products, including poultry, grains, clothing, and metals. It is reported that most items will incur a 25% tariff, with certain categories facing 10%. A statement from the European Commission on Wednesday noted that the bloc’s countermeasures would be effective starting April 15.
Diplomats from the EU with direct knowledge of the decision revealed that Hungary was the only country to oppose the package, with all other 26 member states in support.
The estimated volume of US imports affected is expected to be slightly less than the value of EU exports impacted by the US tariffs, amounting to about €22 billion per year. Reports indicate that bourbon was excluded from the list following pressure from France, Ireland, and Italy after Trump cautioned that targeting it could lead to a 200% tariff on European alcohol.
The Commission characterized the US tariffs as “unjustified and damaging," stating that they inflict economic harm on both sides and disrupt the global economy. It added that the countermeasures could be lifted “at any time” if the US agrees to a “fair and balanced negotiated outcome.”
In addition, the current measures do not encompass Trump’s separate initiative to impose 20% tariffs on all EU exports, effective Wednesday as part of his so-called ‘Liberation Day’ tariffs, nor do they address his new 25% tariff on cars.
The Commission is preparing a second set of retaliatory measures to counter these tariffs, which may be presented as early as next week, according to trade spokesperson Olof Gill on Tuesday.
Last week, Trump announced extensive global tariffs, claiming they were essential to restore fairness in global trade and accusing other nations of “ripping off” the US with “harmful policies.” He described the EU as “very tough traders” and claimed that American companies pay over $200 billion annually in value-added taxes across Europe. Trump also warned of additional measures if the EU responds with retaliation.
The escalating trade tensions have unsettled global markets and heightened fears of a potential global recession.
Mark B Thomas contributed to this article for TROIB News
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