EU retaliates against new U.S. tariffs on steel, aluminum

The European Commission is imposing countermeasures on United States’ imports in response to new tariffs on European steel and aluminum, calling the U.S.’s actions unjustified and disruptive to transatlantic trade.

Starting April 1, the EU will let previous countermeasures from 2018 and 2020 resume, affecting U.S. goods equal to the economic impact of €8 billion (CAD$12.5 billion) in lost European exports. A second set of countermeasures, responding to new U.S. tariffs affecting more than €18 billion (CAD$28.1 billion) in European exports, will be introduced by mid-April, bringing the total retaliation to €26 billion (CAD$40.7 billion).

European Commission President Ursula von der Leyen said the EU regrets the U.S. decision.

“Tariffs are taxes. They are bad for business, and even worse for consumers,” she said. “These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up.”

The Commission says it remains open to negotiation and that the countermeasures can be reversed if a resolution is reached.