EU consents retaliatory tariffs up to 25 percent on US products
(MENAFN) The European Union has approved retaliatory tariffs in response to US President Donald Trump’s imposition of duties on EU steel and aluminum. These countermeasures do not address the recent 20% tariffs on all EU exports to the US, which took effect on Wednesday. Trump's decision to impose 25% tariffs on metals was aimed at countries with high trade barriers for US goods.
Although the European Commission did not reveal the exact list of targeted US products, reports indicate that a wide range of US goods, including poultry, grains, clothing, and metals, will face tariffs of up to 25%, with a few categories facing a 10% tariff. These countermeasures will go into effect on April 15. Only Hungary opposed the package, while the other 26 EU members supported it.
The total value of US imports affected by the EU's tariffs will be around €22 billion ($23.8 billion), slightly less than the value of EU exports impacted by US tariffs. Due to pressure from France, Ireland, and Italy, bourbon was removed from the list of targeted goods.
The EU has criticized the US tariffs as unjustified and damaging to both economies, as well as the global market. The bloc stated that it could suspend the countermeasures if the US agrees to a fair negotiation.
Meanwhile, the European Commission is preparing a second package of retaliatory tariffs to address the 20% duties on EU exports and the additional 25% tariffs on cars, which could be introduced soon.
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