The European Union has announced plans to impose retaliatory tariffs on U.S. products in response to the United States’ decision to levy duties on steel and aluminium imports.
In a memo, the European Commission stated that the countermeasures would take effect in April and target U.S. goods such as whiskey, motorcycles, peanut butter, and boats. The move aims to “protect European businesses, workers, and consumers” from the economic impact of the U.S. tariffs.
Washington recently imposed tariffs of up to 25 per cent on imports of steel, aluminium, and certain products containing these metals.
The European Commission estimates that the new U.S. trade barriers will affect EU exports worth approximately $28.3 billion, representing about five per cent of the bloc’s total exports to the U.S.
According to the commission, these tariffs could lead to U.S. importers paying up to six billion euros in additional costs.
This is roughly five per cent of the EU’s total exports to the U.S., resulting “in U.S. importers having to pay up to six billion euros in additional import tariffs.”
