The European Union (EU) has approved its first retaliatory tariffs targeting U.S. imports in response to Washington\u2019s steel and aluminum levies, marking a significant escalation in transatlantic trade tensions. EU member states endorsed the measures on Wednesday, with the European Commission calling the U.S. tariffs \u201cunjustified and damaging\u201d to both economies and global trade.
Valued at \u20ac22 billion ($24.36 billion) in 2023, the EU\u2019s countermeasures will impose 25% duties on a diverse range of U.S. products. The phased rollout includes agricultural staples like cranberries and orange juice from April 15, followed by steel, meat, and white chocolate in May, and concludes with soybeans and almonds in December. Industrial goods such as motorcycles and dental floss are also affected.
\u201cThese countermeasures can be suspended at any time should the U.S. agree to a fair and balanced negotiated outcome,\u201d the Commission stated, reaffirming its preference for diplomacy over escalation. The decision reflects growing concern over the economic fallout of tit-for-tat trade restrictions, particularly for businesses and consumers reliant on cross-border supply chains.
