By: Monu Kumar
The tariff war continues unabated! A per the latest information, the European Union will impose counter tariffs on 26 billion euros ($28.33 billion) worth of goods from the USA.
The source adds that this may be effective as soon as next month. These counter tariff are in direct response to US tariffs on steel and aluminium- added the European Commission in a statement on Wednesday.
It may be noted that the President of the USA, Donald Trump, increased tariffs of 25% on steel and aluminium imports. The increased tariffs took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired.
The European Commission added - it will end the current suspension of tariffs on US products on April 1, 2025 and also has plans to put forward a new package of countermeasures on US goods by mid-April - this matches the economic scope of the US tariffs. Our countermeasures will be introduced in two steps. Starting from 1st April and fully in place by 13th April.
Ursula von der Leyen, president of the European Commission, stated - we are ready to engage in meaningful dialogue. I have entrusted Trade Commissioner Maros Sefcovic to resume his talks to explore better solutions with the US.