BRUSSELS (BELGIUM) (ITALPRESS) — In response to “the imposition of new and unjustified U.S. duties on EU steel and aluminum imports,” the European Commission has launched countermeasures on U.S. imports into the EU.
The Commission “deplores the U.S. decision to impose such duties, finding them unjustified, disruptive to transatlantic trade and harmful to businesses and consumers, often resulting in higher prices.” Specifically, the Commission will allow the suspension of the existing 2018 and 2020 countermeasures against the United States to expire on April 1.
These countermeasures target a range of U.S. products that respond to the economic damage done to 8 billion euros of EU steel and aluminum exports. Second, in response to new U.S. duties affecting more than 18 billion of EU exports, the Commission is proposing a package of new countermeasures on U.S. exports.
They will go into effect by mid-April, after consultation with member states and stakeholders. Overall, the EU countermeasures could then apply to exports of goods from the U.S. worth up to 26 billion, which corresponds to the economic scope of the U.S. duties. Meanwhile, the EU “remains ready to work with the U.S. administration to find a negotiated solution. The above measures can be lifted at any time, should such a solution be found.”
“The trade relationship between the European Union and the United States is the largest in the world. They have brought prosperity and security to millions of people, and trade has created millions of jobs on both sides of the Atlantic. As of this morning, the United States is implementing a 25 percent tariff on steel and aluminum imports. We deeply regret this measure. Tariffs are taxes. They are bad for business and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and the United States. The European Union must act to protect consumers and businesses. The countermeasures we are taking today are strong but proportionate.” So said European Commission President Ursula von der Leyen after the decision to retaliate to the imposition of tariffs decided by the U.S.
“While the United States is applying tariffs worth $28 billion, we are responding with countermeasures worth 26 billion. This corresponds to the economic scale of the U.S. tariffs. Our countermeasures,” he explains, “will be introduced in two phases. Starting April 1 and fully operational starting April 13. In the meantime, we will always remain open for negotiations. We firmly believe that in a world full of geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs. We are ready to engage in meaningful dialogue. I have instructed Trade Commissioner Maroš Šefcovic to resume his talks to explore better solutions with the United States,” von der Leyen concluded.
-Photo Ipa/Agency-
(ITALPRESS).
