Trump Increases Steel and Aluminum Tariffs, EU Threatens Retaliation
The U.S. president raises tariffs from 25% to 50%, prompting immediate warnings from Brussels about automatic countermeasures.
President Donald Trump announced that tariffs on steel and aluminum will increase from 25% to 50%, effective June 4. This decision has elicited strong condemnation from the European Commission (EC), which characterized the move as undermining ongoing negotiations aimed at resolving previous tariff disputes.
A spokesperson for the EC expressed deep regret over the escalation in tariffs, highlighting concerns that the decision adds uncertainty to the global economy and raises costs for consumers and businesses on both sides of the Atlantic.
In response, the European Union (EU) indicated that countermeasures will automatically take effect on July 14, or potentially earlier if circumstances necessitate.
The EC is currently finalizing consultations regarding the expansion of these retaliatory measures.
The spokesperson stated that if a mutually acceptable solution is not reached, both existing and additional measures from the EU would come into force on the specified date.
This announcement comes on the heels of a U.S. Court of Appeals lifting a stay imposed by the International Trade Court, which had previously blocked significant aspects of Trump's tariff policy on imports from various countries.
It was also made amidst ongoing discussions with the EU, where Trump had threatened a 50% tariff on EU goods starting June 1, citing insufficient progress in negotiations.
In an effort to extend dialogue, EC President Ursula von der Leyen suggested prolonging discussions until July 9, a proposal that Trump accepted.
The trading tensions between the U.S. and EU date back to April, when Trump implemented tariffs of up to 20% on a range of European products.
At that time, both parties had agreed to a 90-day truce, but a final agreement has yet to be reached.
A spokesperson for the EC expressed deep regret over the escalation in tariffs, highlighting concerns that the decision adds uncertainty to the global economy and raises costs for consumers and businesses on both sides of the Atlantic.
In response, the European Union (EU) indicated that countermeasures will automatically take effect on July 14, or potentially earlier if circumstances necessitate.
The EC is currently finalizing consultations regarding the expansion of these retaliatory measures.
The spokesperson stated that if a mutually acceptable solution is not reached, both existing and additional measures from the EU would come into force on the specified date.
This announcement comes on the heels of a U.S. Court of Appeals lifting a stay imposed by the International Trade Court, which had previously blocked significant aspects of Trump's tariff policy on imports from various countries.
It was also made amidst ongoing discussions with the EU, where Trump had threatened a 50% tariff on EU goods starting June 1, citing insufficient progress in negotiations.
In an effort to extend dialogue, EC President Ursula von der Leyen suggested prolonging discussions until July 9, a proposal that Trump accepted.
The trading tensions between the U.S. and EU date back to April, when Trump implemented tariffs of up to 20% on a range of European products.
At that time, both parties had agreed to a 90-day truce, but a final agreement has yet to be reached.
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