The US government extended its imposition of tariffs to the European Union (EU) on March 12, announcing levies of up to 25% on imports of steel, aluminium and certain products containing steel and aluminium.
In response, the European Commission said it would reimpose counter-measures that it first set up in 2018 and 2020. In addition, it said it would immediately launch a process to place tariffs on a new list of products.
This process involves a consultation exercise with EU stakeholders, which the Commission has already begun and aims to conclude by mid-April.
New target products include imports from the US of a range of manufactured items including leathergoods, and a range agricultural products including beef.
According to the European Commission, the tariffs the US is applying will affect trade worth $28 billion per year. Its countermeasures will affect trade with an annual value of €26 billion.
Commission president, Ursula von der Leyen (pictured), said: “We deeply regret this. Tariffs are taxes. They are bad for business, and worse for consumers. They disrupt supply chains and bring uncertainty for the economy. Jobs are at stake and prices will go up. Nobody needs that.”
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