World News

Trade war: EU approves first set of retaliatory tariffs on US imports

The European Union (EU) has approved its first set of retaliatory tariffs in response to US duties on steel and aluminum.

The European Commission confirmed on Wednesday that the new tariffs will take effect from April 15.

A draft list seen in March by CNBC included poultry, grains, clothing, and metals among the affected products. However, the final list has not yet been published, and the Commission declined to give further details.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE

The move comes after US President Donald Trump imposed a 25% tariff on steel and aluminum imports. The EU had previously warned it would act to protect European industries and consumers.

“The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy.

“The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial,” the Commission said in a statement.

Trump’s tariffs target over 180 countries and territories, and the EU now faces 20% duties on nearly all of its exports to the US.

European Commission President Ursula von der Leyen said the bloc remains open to talks. “We are prepared to respond,” she said. “It is not too late to address concerns through negotiations.”

Maros Sefcovic, the EU’s commissioner for trade and economic security, confirmed on Monday that the bloc would impose a second set of tariffs on May 15.

He said the US duties affect €380 billion ($420.45 billion) worth of European exports — about 70% of the EU’s total exports to the US.

“To put it in perspective, that’s over €80 billion in duties, an eleven-fold jump from the €7 billion the US currently collects,” Sefcovic noted.

The EU is not alone in responding to the US tariffs. China, which now faces tariffs totaling 104% on its exports to the US, announced on Wednesday that it would raise tariffs on US goods entering China from 34% to 84%, effective April 10.

(CNBC)