BRUSSELS — The European Union’s government department on Friday vowed to “take agency and quick motion” towards U.S. President Donald Trump’s imposition of tariffs on metal and aluminum.
The European Fee mentioned in a press release that Trump’s proposed “reciprocal” commerce coverage goes “within the unsuitable route.”
“The EU will take agency and quick motion towards unjustified boundaries to free and honest commerce, together with when tariffs are used to problem official and non-discriminatory insurance policies,” the Fee mentioned. “The EU will at all times shield European companies, staff and customers from unjustified tariff measures.”
The Fee, which negotiates commerce relations on behalf of the 27-nation bloc, mentioned the EU has among the lowest tariffs on the planet and sees no justification for elevated U.S. tariffs on its exports.
“Tariffs are taxes. By imposing tariffs, the US is taxing its personal residents, elevating prices for enterprise, stifling progress and fuelling inflation,” it mentioned. “Tariffs heighten financial uncertainty and disrupt the effectivity and integration of world markets.”
Earlier this week, the Fee mentioned U.S. tariffs on metal and aluminum wouldn’t go unanswered.
It isn’t but clear what countermeasures would apply. Trump slapped related tariffs on EU metal and aluminum throughout his first time period, which enraged European and different allies. The EU imposed countermeasures in retaliation on the time, elevating tariffs on U.S.-made bikes, bourbon, peanut butter and denims, amongst different gadgets.
The EU estimates that annual commerce quantity between either side stands at about $1.5 trillion, representing some 30% of world commerce. Whereas the bloc has a considerable export surplus in items, it says that’s partly offset by the U.S. surplus within the commerce of providers.
The EU says that commerce in items reached 851 billion euros ($878 billion) in 2023, with a commerce surplus of 156 billion euros ($161 billion) for the EU. Commerce in providers was price 688 billion euros ($710 billion) with a commerce deficit of 104 billion euros ($107 billion) for the EU.
