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Europe to strike back at America with trade blow
America is pushing for global dominance, which is ambitious. However, doing so at Europe's and other countries' expense is unacceptable. EU leaders strongly oppose this approach. Tensions have risen since a series of restrictions on European goods came into effect.
According to Maroš Šefčovič, the European Commissioner for Trade and Economic Security, starting April 1, 2025, European leaders will introduce countermeasures against US goods. This move is a response to American tariffs on EU steel and aluminum.
Experts see the US tariffs on European steel and aluminum as unjustified. "The US Administration has opted to pursue a harmful course of unjustified tariffs, leaving us with no choice but to respond – and that's exactly what we are doing. First, as of April, we will automatically reinstate our currently suspended rebalancing measures," Šefčovič stated.
Additionally, EU authorities are preparing a new package of countermeasures against US goods. This document is expected to be finalized by mid-April. However, the commissioner did not specify which categories of American products would be affected. He did note, though, that if both sides reach an agreement, trade tensions between the EU and the US could ease. "We are ready to make it happen," Šefčovič emphasized.
Earlier, the US President announced tariffs on steel and aluminum from European countries. The import duty on these products was set at 25% of their customs value. Trump's order took effect on March 12 of this year, sparking outrage in the region and prompting the EU to develop retaliatory tariffs. The European Commission stated that the EU's countermeasures against the US would impact American imports worth a total of €26 billion. EU authorities see this step as proportionate to the damage caused by US tariffs on European steel and aluminum. At the same time, European leaders stressed their willingness for constructive dialogue with the White House on this issue.
Published 18 March 2025
© InstaFintech Group
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© InstaFintech Group
