EU imposes €21 billion in tariffs on US
Photo: The tariffs will affect soybeans and many other products (Getty Images)
The European Union has introduced tariffs on US imports worth approximately €21 billion ($23.2 billion) in retaliation against the 25% tariffs imposed by US President Donald Trump on steel and aluminum imports from the EU, according to Bloomberg.
According to the outlet, the EU today, on April 9, approved tariffs on goods from the United States worth about 21 billion euros (approximately $23.2 billion). They were a response to 25% tariffs imposed by US President Donald Trump on steel and aluminum imports from the EU.
What’s affected
On Wednesday, a majority of the 27 EU member states voted in favor of sanctions, some of which will take effect in mid-April. The tariffs will impact goods such as soybeans, diamonds, agricultural products, motorcycles, and poultry meat.
Under pressure from some EU member states, bourbon was removed from the list after Trump threatened to impose a 200% tariff on wine, champagne, and other alcoholic drinks from France and other countries.
When will the EU tariffs come into effect
According to Bloomberg, the first phase of the tariffs will begin on April 15, followed by the second phase in mid-May, and the third phase on December 1. Most goods will be subject to a 25% tariff, while certain items will face a 10% tariff.
The European Commission has stated that these countermeasures could be suspended at any time if the US agrees to a fair and balanced negotiation.
EU Trade Commissioner Maroš Šefčovič has discussed possible negotiation terms with his US counterparts, but no significant progress has been made so far. According to sources, the US side lacks a clear mandate from Trump for negotiations.
Additionally, the European Commission is preparing new countermeasures in response to the so-called retaliatory tariffs from the US, which have already taken effect. These measures are expected to be presented to EU member states next week.
Trump's tariffs
US President Donald Trump has repeatedly announced plans to impose tariffs on goods from the European Union.
Trump had implemented a 25% tariff on all steel and aluminum imports without exceptions. The tariffs also apply to finished metal products.
On April 2, he signed an executive order to impose tariffs on imports from over 180 countries.
The EU has announced a decisive plan of measures in response to the tariffs imposed and planned by President Trump.
Recently, European Commissioner for Trade and Economic Security Maroš Šefčovič said that the EU is preparing a response to US President Donald Trump's tariffs on aluminum and steel imports.
Furthermore, the EU proposed establishing mutual zero tariffs on industrial goods with the US to prevent a large-scale trade war.
