EU Strikes Back: Countermeasures to US Tariffs

The European Union has announced countermeasures to respond to US tariffs on steel and aluminum. These measures will include tariffs on various EU exports like textiles and agricultural goods, totaling 26 billion euros. EU Commission President urged for negotiation, emphasizing global economic cooperation.

The European Union unveiled its planned countermeasures on Wednesday, setting the stage for a trade showdown with the United States. This move comes in reaction to the Trump administration's decision to raise tariffs on all steel and aluminum imports to 25%.

The EU Commission President Ursula von der Leyen announced that the bloc would implement its own tariffs worth 26 billion euros, equating to around 28 billion dollars. These countermeasures will target not only steel and aluminum but also textiles, leather, home appliances, and a broad array of agricultural products including poultry, beef, and nuts.

Despite the retaliatory measures, von der Leyen expressed a desire to keep channels of negotiation open. She emphasized that collaboration is crucial in the face of geopolitical and economic uncertainties, warning against the economic strains that tariffs could impose.

(With inputs from agencies.)