Economic Development Update
The European Commission has announced its intention to counteract U.S. tariffs on steel and aluminum by implementing retaliatory measures. The Commission stated, “We will permit the cessation of existing countermeasures for 2018 and 2020 against us to conclude on April 1.”
In the same vein, the Commission revealed plans to introduce a new suite of anti-export initiatives, indicating that “European Union measures may target U.S. exports valued at up to 26 billion euros.”
The Commission reiterated its willingness to collaborate with the U.S. administration to achieve a negotiated resolution.
Customs duties of 25%, imposed by U.S. President Donald Trump, have been enacted on the country’s steel and aluminum imports, signaling a considerable escalation towards a trade conflict with key trading partners.
On February 10, Trump signed two executive orders that initiated a 25% tariff on steel and aluminum imports from all nations, effective March 12, “without exceptions or exemptions.”
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