European leaders have promised retaliation following President Trump’s 25% tariffs on steel and aluminum imports. The EU, led by Ursula von der Leyen and Maroš Šefčovič, emphasized that these measures will trigger countermeasures to protect economic interests. Leaders from Canada, South Korea, and EU member states have also voiced their commitment to stand against these tariffs.
European and global leaders are poised to respond decisively after President Donald Trump enacted a 25% tariff on all imported steel and aluminum to the United States, a development that may trigger a global trade conflict. Ursula von der Leyen, President of the European Commission, expressed her deep regret over this decision and stated that “unjustified tariffs on the EU will not go unanswered.” She emphasized that the European Union (EU) would implement “firm and proportionate countermeasures” to protect its economic interests, including workers, businesses, and consumers.
Maroš Šefčovič, the EU’s trade commissioner, conveyed to the European Parliament that these tariffs are likely to fuel inflation and stated the EU is dedicated to reaching a mutually advantageous resolution promptly. He remarked, “The EU sees no justification for the imposition of tariffs on our exports, which are economically counterproductive.” He further articulated that tariffs act as taxes detrimental to businesses, consumers, and the global trading environment.
The new measures, effective March 4, will elevate the US aluminum tariff from 10% to 25% while abolishing previous exceptions, quotas, and specific tariff exclusions altogether. President Trump explained that this simplification aims for clarity regarding the 25% tariff on all exports, and he hinted at reciprocal tariffs on nations taxing US imports. He also signaled his consideration of tariffs on automobiles and pharmaceuticals.
The president’s tariffs, reminiscent of similar actions taken during his first term, had prompted the EU to retaliate against iconic American products, including Harley-Davidson motorcycles and bourbon whiskey. Recent US trade data identifies Canada, Brazil, and Mexico as major steel suppliers, with the EU exporting around €3 billion worth of steel annually to the US.
Canadian Prime Minister Justin Trudeau deemed the US tariffs “unacceptable,” pledging to respond robustly if necessary. Meanwhile, South Korean Acting President Choi Sang-mok committed to defending his nation’s corporate interests and pursuing diplomatic avenues with the US. Chancellor Olaf Scholz of Germany affirmed the EU’s unity, stating, “If the US leaves us no other choice, the EU will respond as one,” underscoring the significant collective market strength of the EU’s 450 million citizens.
France’s Industry Minister, Marc Ferracci, highlighted potential indirect effects on his country due to these US tariffs, warning that the EU must stand united against these measures. He noted, “Europe must respond in a united manner, because we know that his strategy is to divide Europeans. We must respond in a firm manner.”
In summary, European leaders are preparing retaliatory actions against the newly imposed US tariffs on steel and aluminum, which they deem unjustified and detrimental to international trade. The EU has pledged determined responses to safeguard its economic stability and unity among its member states. Ultimately, the situation underscores the ongoing tensions in global trade dynamics and the collective resolve of the EU to defend its interests.
Original Source: www.theguardian.com
