The European Union is expanding the list of American goods on which it will impose tariffs if the US President Donald Trumpʼs reported tariffs on European steel and aluminum imports into the US come into effect.
This is reported by Bloomberg, citing sources.
Trump announced an increase in tariffs on steel and aluminum imports to 25% in mid-February. As Bloomberg notes, these measures could take effect as early as March 12. According to the agency, they could cost the EU €28 billion.
The list of American goods that the EU has prepared for the relevant duties is frozen until the end of March. If the US position remains unchanged, it will be automatically activated. The publication writes that the final list will depend on the specific effect of the American restrictions, which has not yet been determined.
In expanding the list, the EU is analyzing its impact on the US economy, the search for alternative suppliers for Europe, and the consequences for member states. All measures must be proportionate and in line with World Trade Organization rules.
- Trump has already imposed tariffs on EU goods during his presidency. In 2018, he imposed tariffs on €6.4 billion worth of steel and aluminum imports from the EU and other countries on national security grounds. The EU responded by imposing tariffs on €2.8 billion. These tariffs then also included Ukrainian steel products.
- Both sides agreed to a temporary truce in 2021 with the Joe Biden administration, when the US partially lifted its measures and introduced a set of tariff rate quotas, above which duties on metals would apply. The EU, in turn, froze all of its restrictive measures.
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