In response to the U.S. tariffs on steel and aluminum imports from the EU, the European Commission announced on Wednesday that the European Union will impose retaliatory tariffs on U.S. goods worth €26 billion.
Tariffs in Place Until April 13
“As of this morning, the United States is applying a 25% tariff on steel and aluminum imports. We deeply regret this measure. Tariffs are taxes. They are bad for business and even worse for consumers,” European Commission President Ursula von der Leyen stated in an official announcement.
“The European Union must act to protect consumers and businesses. The countermeasures we are taking today are strong but proportionate. Since the U.S. is imposing tariffs worth $28 billion, we are responding with countermeasures worth €26 billion,” she added.
The EU tariffs will take effect on April 1 and will be fully implemented by April 13.
At midnight from Tuesday to Wednesday Eastern Time (5 AM Wednesday in Poland), a 25% tariff on imported steel and aluminum to the U.S. came into force.
As previously announced, Trump reinstated the tariffs he originally introduced in 2018 on steel imports from all countries and increased the aluminum tariff from 10% to 25%.
This decision will have the greatest impact on major exporters such as Canada, Mexico, Brazil, the EU, Japan, the UK, and South Korea—countries that were previously fully or partially exempt from the 2018 tariffs.
According to data from the American Iron and Steel Institute, the EU is the third-largest exporter of both steel and aluminum to the U.S.