Tariff war: The EU is also working on a response to Trump’s blanket 20 per cent tariff on all European goods, imposed as part of his sweeping reciprocal tariffs imposed on global trading partners.
Tariff war: The European Union (EU) has approved retaliatory tariffs targeting approximately USD 23 billion (Euro 21 billion) worth of US goods in response to President Donald Trump’s imposition of 25 per cent tariffs on imported steel and aluminum.
These countermeasures are set to be implemented in stages: the first phase begins on April 15, followed by additional rounds on May 15 and December 1.
Members of the 27-country bloc repeated their preference for a negotiated deal to settle trade issues: “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 European Union is contending with 25 per cent import duties on steel, aluminum, and automobiles, along with broader tariffs of 20 per cent on nearly all other products. These measures are part of Trump’s trade policy, which targets nations he claims maintain high trade barriers against American goods.
China imposes 84 per cent tariffs on all US imports
This comes soon after, China slapped an 84 per cent tariff on all US products following Trump’s 104 per cent duty. Beijing vowed to “fight to the end” on Wednesday as it announced it would raise tariffs on American goods from Thursday.
China’s finance ministry, while announcing the latest move, asserted that the new charges will be effective from April 10. Beijing also said said that it is launching an additional suit against the US at the World Trade Organisation and has placed further restrictions on American companies’ trade with Chinese companies.
(With AP inputs)
Also Read: China hits back with 84 per cent tariffs on all US imports following Trump’s 104 per cent duty
Also Read: China turns to India after Trump unleashes fresh tariffs, urges to ‘stand together’
