US-EU Trade War Escalates As Europe Announces Counter-Tariffs
The European Union (EU) has struck back at the United States (US) after it imposed tariffs on imported aluminium and steel.
“Tariffs are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy,” European Commission President Ursula von der Leyen said in a statement earlier today.
US President Donald Trump has raised duties on steel and aluminium imports to 25% and eliminate exemptions previously granted to various countries, and this took effect today.
The tariffs are worth $28 billion and the EU is retaliating with a series of tariffs worth €26 billion “to protect European businesses, workers and consumers from the impact of these unjustified trade restrictions”.
The EU’s tariffs will be applied on products ranging from boats to bourbon to motorbikes. Meanwhile, the Commission said it will be launching a two-week consultation process to pick other product categories.
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