Starting from April 1 counter measures taken by the European Union in retaliation to a 25 percent tariff imposed by President Donald Trump will go into effect.
Trump increased tariffs on all steel and aluminum imports from the EU and they are set to tax US goods worth $45 billion, a development that will jack up prices in both Europe and the United States, European Commission president Ursula von der Leyen said.
“We deeply regret this measure. 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,” she said.
“Jobs are at stake. Prices will go up in Europe and in the United States.”
The EU measures will cover goods from the United States worth some 26 billion euros, and not just steel and aluminum products, but also textiles, home appliances and agricultural goods.
US residents are expected to feel the pinch on products such as poultry, beef, some seafood, nuts, eggs, sugar and vegetables imported from the EU.
The EU commission manages trade on behalf of 27 member countries, including Germany, Italy, France and the Netherlands.
Britain — which is not part of the EU — meanwhile said it would not impose retaliatory measures of its own on the United States.
The UK government called Washington’s decision to impose 25 per cent tariffs on global steel and aluminum imports “disappointing”.
