Investing.com -- Following the introduction of new U.S. tariffs on EU steel and aluminum imports, the European Commission has initiated countermeasures on U.S. imports into the EU.
The Commission has expressed regret over the U.S. decision to impose these tariffs, which it deems unjustified and damaging to transatlantic trade. The tariffs are generally seen as harmful to businesses and consumers, often leading to increased prices.
"As of this morning the United States is applying a 25% tariff on imports of steel and aluminium. We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers," President of the European Commission, Ursula von der Leyen, said.
"These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and in the United States. The European Union must act to protect consumers and business," she added.
The Commission’s response is based on a two-step approach. Initially, the Commission will allow the suspension of existing countermeasures against the U.S. from 2018 and 2020 to expire on April 1.
These countermeasures were targeted at a variety of U.S. products in response to the economic damage caused by U.S. tariffs on €8 billion worth of EU steel and aluminum exports.
Subsequently, in reaction to new U.S. tariffs impacting more than €18 billion of EU exports, the Commission is proposing a set of new countermeasures on U.S. exports. These measures are expected to be implemented by mid-April, after consultation with Member States and stakeholders.
The EU countermeasures could potentially apply to U.S. goods exports valued up to €26 billion, aligning with the economic range of the U.S. tariffs.