EU launches countermeasures against the US over steel and aluminum tariffs
Kyiv • UNN
The European Commission plans to introduce countermeasures on imports from the US in response to the new tariffs. The total amount of countermeasures could reach 26 billion euros.
In response to the introduction of new unjustified US duties on imports of steel and aluminum from the EU, the European Commission introduced quick and proportionate countermeasures on US imports to the EU, the European institution said on Wednesday, UNN writes.
Details
"The European Commission expresses regret over the US decision to introduce such duties, considering them unjustified, destructive to transatlantic trade and harmful to business and consumers, often leading to higher prices," the statement said.
The European Commission's response, as indicated, is carefully calibrated on the basis of a two-stage approach:
- First, the European Commission will allow the existing countermeasures against the US from 2018 and 2020 to expire by April 1. These countermeasures target a range of US products in response to the economic damage caused to EUR 8 billion of steel and aluminum exports from the EU.
- Second, in response to the new US duties, which affect EU exports worth more than EUR 18 billion, the European Commission proposes a package of new countermeasures on US exports. They will take effect in mid-April after consultations with Member States and stakeholders.
Thus, as noted, in general, EU countermeasures can be applied to exports of goods from the US worth up to EUR 26 billion, which corresponds to the economic scale of US duties.
"At the same time, the EU is ready to work with the US administration to find a solution through negotiations. The above measures can be canceled at any time if such a solution is found," the statement said.
Two-week consultations with stakeholders will last until March 26. Based on the data collected, the European Commission will finalize its proposal for countermeasures and consult with Member States within the so-called comitology process. After the completion of this process, the European Commission aims to adopt a legal act introducing countermeasures by mid-April.
Recall
US President Donald Trump's 25% tariffs on steel and aluminum imports took effect on March 12.
