The European Union approved its first set of retaliatory goods on U.S. goods.
From the European Commission:
Today, EU Member States have voted in favour of the European Commission’s proposal to introduce trade countermeasures against the United States.The Commission’s proposal was made in response to the March decision by the US to impose tariffs on imports of steel and aluminium from the EU.The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial.Today’s vote of approval by Member States means that – once the Commission’s internal procedures are concluded, and the implementing act published – countermeasures will enter into force. Duties will start being collected as of 15 April.These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome.
Bloomberg reported the tariffs will be around €21 billion ($23.2 billion).
The EU faces 20% tariffs on U.S. imports.
The bloc filled with a bunch of unelected bureaucrats offered President Donald Trump “zero-for-zero tariffs for industrial goods.”
Trump said the offer was not good enough.
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