The European Union will start collecting retaliatory duties on some imported US goods starting April 15, in response to the US tariffs on European steel and aluminum imposed by President Donald Trump.
The EU faces 25% import tariffs on steel and aluminum and cars, as well as reciprocal tariffs of 20% on almost all other goods under Trump’s policy, aimed at countries with high barriers to US imports.
Truth Live News reports that minister spearheading trade met in Luxembourg on Monday to debate the EU’s response, as well as discuss relations with China.
Dutch Trade Minister Reinette Klever emphasized the need for a calm and de-escalating response, citing the potential impact on stock markets, while also preparing for countermeasures to bring the US to the negotiating table.
“We need to remain calm and respond in a way that de-escalates. The stock markets right now show what will happen if we escalate straight away.
“But we will be prepared to take countermeasures if needed to get the Americans at the table,” Dutch Trade Minister said.
Speaking at the conference in Brussels, European Commission President Ursula von der Leyen expressed the EU’s readiness to negotiate a “zero-for-zero” tariff pact for industrial goods, with EU Trade Commissioner Maros Sefcovic adding that a mutually acceptable compromise will be reached with the US sooner or later.
“Sooner or later, we will sit at the negotiation table with the US and find a mutually acceptable compromise,” EU Trade commissioner added.
The EU’s retaliatory duties on US imports will be implemented in two phases, with the first tranche starting on April 15 and the second wave on May 15.
In a related development, the US has introduced new tariffs under the International Economic Emergency Powers Act (IEEPA), including a 10% universal tariff on most imports starting April 5, and reciprocal tariffs ranging from 20% to 49% for targeted countries beginning April 9.