European Union member states, on Wednesday, approved retaliatory tariffs on $23 billion of U.S. goods, countering U.S. President Donald Trump’s 25% tariffs on steel and aluminum imports.
The European Commission, the executive branch of the EU, declared that the collection of tariffs on U.S. imports will begin on April 15 for the first set of measures, with a second wave following on May 15. A draft document reviewed by CNBC revealed that the tariffs would target various goods, including poultry, grains, clothing, and metals. The EU has yet to publish the final list of affected products.
The European Commission stated that the EU regards the U.S. tariffs as ‘unjustified and damaging,’ leading to economic consequences for both parties and the global economy. The Commission reiterated its preference for negotiations with the U.S. that are fair and mutually advantageous.
The countermeasures can be suspended at any time if the U.S. agrees to a balanced deal, it added.
All member states, except Hungary, voted for the retaliation. The vote happened before President Trump announced on social media a 90-day pause on tariffs for most countries, alongside an immediate increase to 125% on tariffs for China. The European Commission initially published the proposals on Monday and approved them during a meeting in Brussels.
A commission spokesperson indicated that the specific details of the new European tariffs will be released early next week. According to Reuters, the tariffs are likely to target U.S. products such as motorcycles, poultry, fruit, and wood. If not revoked, the tariffs will be implemented by next Tuesday.
The EU is subject to 20% tariffs on nearly all its imports from the U.S., stemming from President Trump’s April 2 declaration targeting over 180 countries and territories.
TRADE WORLD | WTO Warns US-China Trade War Could Cut Global Trade by 80%
