Economy News – Follow-up
The European Commission announced on Monday its intention to safeguard the interests of the European Union in response to US President Donald Trump’s declaration of new tariffs on mineral imports. However, the Commission emphasized that any action would be contingent upon receiving detailed and formal clarification regarding the proposed measures.
In his announcement on Sunday, Trump indicated plans to impose a 25% tariff on all steel and aluminum imports into the United States, marking yet another escalation in his administration’s trade policy.
The Commission noted that it has yet to receive any official notification concerning the implementation of additional tariffs affecting European Union products. It asserted that it would not respond to “vague announcements” lacking specific details or written clarification.
According to the Commission, “The European Union sees no justification for imposing tariffs on its exports. We will take necessary measures to protect our companies, workforce, and consumers from unwarranted actions.”
Should Trump’s announcement be confirmed, it would resemble actions taken during his first term when tariffs of 25% were applied to steel imports from several countries, alongside a 10% tariff on aluminum imports.
For the European Union, the affected exports could amount to approximately €6.4 billion ($6.6 billion).
In 2018, the European Union retaliated with an initial package of tariffs targeting American goods valued at €2.8 billion. Furthermore, discussions were underway to impose additional tariffs on American products worth €3.6 billion by 2021.
At that time, Joe Biden had succeeded Trump as the US President and agreed with the European Union to suspend American tariffs until the end of the year, while postponing the bloc’s counter-measures until March 31.
European Union diplomats have indicated that re-implementing countermeasures would be a reasonable course of action should Trump proceed with the imposition of these tariffs on imports.
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