सिंहदरबार संवाददाता
Kathmandu. The European Commission has said it will take ‘retaliatory measures’ from April 1 after the US imposed a 25 percent tariff on steel and aluminum imports.
“We deeply regret this step,” European Commission President Ursula von der Leyen said in a statement about the US tariffs, adding that Brussels has announced the ‘launch of a series of countermeasures’ in response to the ‘unfair trade restrictions’. “Taxes are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. This brings uncertainty to the economy.”
Von der Leyen said the US tariffs were worth $28 billion and that the EU’s response would have a similar impact on US manufacturing. US President Donald Trump has announced a 25% tariff increase on steel and aluminium imports. The decision took effect at 1pm local time on Wednesday. It is a new phase in the trade war between the United States and its main trading partners.
Washington has taken this step to protect the declining US steel industry and workers. The US is facing fierce competition, especially from Asian countries. The latest tariffs will affect Australia, Canada, the European Union, Japan and China, as well as Brazil and Mexico.
This is not the first time Trump has imposed tariffs on metals. During his first term in 2018, he imposed tariffs on steel and aluminum exports, forcing the EU to respond with higher tariffs that were in place until the end of March. As part of the EU’s multi-faceted approach to Trump’s moves, Brussels will also allow for a resumption of previous suspensions after they expire, von der Leyen said.
“For the first time, these rebalancing measures will be fully implemented. Products ranging from boats to bourbon to motorcycles will be subject to tariffs,” the commission said. “The EU is ready for meaningful talks,” von der Leyen said. “I have tasked Trade Commissioner Maros Sefcovic to resume his talks with the US to find a good solution.” Sefcovic said earlier this week that the US was “not engaged” in talks with the EU.
European officials had said they believed the threat of retaliation would be a show of force to bring the US administration back to the table. The Commission launched the process of taking retaliatory measures on Wednesday. The first phase will be a “two-week stakeholder consultation” to ensure that the “right products” are targeted and a response will cause minimal disruption to EU businesses and consumers.
The EU’s retaliatory measures will be fully implemented by mid-April if Trump does not reverse his move.
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