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The EU has stated it will retaliate towards US tariffs on European metal and aluminium exports with “agency and proportionate countermeasures”, as officers in Brussels rush to avert a commerce warfare with Washington.
“The EU will act to safeguard its financial pursuits. We’ll shield our employees, companies and customers,” European Fee president Ursula von der Leyen stated on Tuesday.
US President Donald Trump introduced that the 25 per cent tariffs on all steel and aluminium imports would take impact on March 4.
EU member states have already authorised levies of as much as 50 per cent on €4.8bn of US imports and will shortly take a closing vote to impose them. The merchandise would come with bourbon whiskey, Harley-Davidson bikes, motorboats and a few metal and aluminium.
Von der Leyen will meet US vice-president JD Vance in Paris to debate the problem whereas the fee referred to as a gathering of commerce ministers for Wednesday afternoon.
EU commerce commissioner Maroš Šefčovič informed the European parliament the bloc was aiming for talks. “We stay dedicated to constructive dialogue. We stand prepared for negotiations, and to seek out mutually useful options the place attainable.
“There’s a lot at stake for each side. We need to make it work, not least as a result of it merely is smart.”
He added: “The EU sees no justification for the imposition of tariffs on our exports, which is economically counterproductive. Particularly given the deeply built-in manufacturing chains, established by means of our in depth transatlantic commerce and funding ties.
“Tariffs are taxes; dangerous for enterprise, [and] worse for customers.”
The whiskey tariffs had been first levied in response to metals tariffs imposed by Trump in his first time period as president. That dispute was frozen beneath former president Joe Biden however not resolved.
They’ll routinely come into impact on the finish of March, until a majority of EU nations agree to take action sooner.
Brussels might additionally widen its retaliation however von der Leyen careworn any response can be “proportionate”.
The EU metal business is already shrinking, with manufacturing hitting its lowest-ever stage in 2023. The tariffs on exports of about 3.7mn tonnes a 12 months will hit it laborious, stated Axel Eggert, director-general of Eurofer, the business physique.
“The final tonne is essentially the most worthwhile tonne as a result of we’ve got such excessive mounted prices,” he stated.
Metal from elsewhere on the planet that has been pushed out of the US markets may be exported to Europe, additional miserable costs, he stated.
