Brussels, Mar 12 (EFE).- The European Union (EU) launched “swift and proportionate” countermeasures against imports from the US on Wednesday, in response to the entry into force of new “unjustified” tariffs on European steel and aluminum.
“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 European Commission said in a statement.
The EU explained that its response to the 25 percent US tariffs on imports of these metals from around the world has been “carefully calibrated” and is based on a two-step approach.
First, the Commission will allow the suspension of the current 2018 and 2020 countermeasures against the US to expire on Apr. 1.
These countermeasures target a range of US products in response to the economic harm caused to EU steel and aluminum exports worth 8 billion euros ($8.71 billion).
Second, in response to the new US tariffs affecting EU exports worth more than 18 billion euros, the Commission is proposing a package of new countermeasures on US exports, scheduled to take effect in mid-April, following consultations with member states and stakeholders.
“In total, the EU countermeasures could therefore apply to US goods exports worth up to €26 billion, matching the economic scope of the US tariffs,” the Commission said.
It added that “the EU remains ready to work with the US istration to find a negotiated solution” and that the announced measures could be “reversed at any time should such a solution be found.”
“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,” said European Commission President Ursula von der Leyen, who “deeply” regretted the US tariffs.
“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,” she added.
She emphasized that the EU “must act to protect consumers and businesses,” and described the countermeasures taken on Wednesday as “strong but proportionate.”
Von der Leyen said that the European countermeasures would be introduced in two stages: they will begin on Apr. 1 and will fully enter into force on Apr. 13, although the EU 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. We are ready to engage in meaningful dialogue,” she said, adding that she has asked European Trade Commissioner Maros Sefcovic “to resume his talks to explore better solutions with the US.”
The tariffs imposed by the US on imported steel and aluminum came into effect Wednesday at a time of growing uncertainty in the markets due to President Donald Trump’s istration’s shifts in trade policy, particularly as it becomes embroiled in trade disputes with Canada.
The 25 percent tariffs on steel and aluminum imported into the US began just after midnight, with no exceptions, and primarily affect Brazil, Mexico, South Korea, and Vietnam for steel, and the United Arab Emirates, Russia, and China for aluminum. EFE
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