EU Strikes Back: Counter Tariffs on $28 Billion U.S. Goods

The European Union plans to impose counter tariffs on $28 billion worth of U.S. goods starting next month. This move responds to the U.S.'s increased tariffs on steel and aluminum imports. The EU will implement countermeasures in two phases, aiming for a resolution through dialogue.

The European Union is preparing to impose counter tariffs amounting to 26 billion euros ($28.33 billion) on U.S. goods, effective next month, according to the European Commission's announcement on Wednesday. This action is a direct response to U.S. tariffs on steel and aluminum.

The current suspension of tariffs on U.S. products will end on April 1, said Ursula von der Leyen, president of the European Commission. The EU will introduce a new set of countermeasures by mid-April, aiming to mirror the economic impact of U.S. tariffs. "Our countermeasures will be introduced in two steps, beginning on April 1 and fully operational by April 13," von der Leyen stated.

Despite the impending tariffs, von der Leyen emphasized readiness for dialogue. "I have entrusted Trade Commissioner Maros Sefcovic to resume talks with the U.S. to explore better solutions," she added. Meanwhile, U.S. President Donald Trump's 25% tariffs on steel and aluminum imports came into effect as previous exemptions expired.

(With inputs from agencies.)