EU Poised to Counter U.S. Steel Tariff Hike with New Measures
The European Commission expresses strong regret over the U.S. decision to increase tariffs on steel imports to 50%, which could escalate the ongoing trade war. The EU warns of potential countermeasures if negotiations do not yield a solution by mid-July.
The European Commission expressed strong disapproval on Saturday regarding the U.S. decision to raise tariffs on steel imports to 50% from 25%. This announcement follows U.S. President Donald Trump's declaration on Friday, which intensifies the trade tensions affecting global steel markets.
European Union officials describe the tariff hike as a source of increased economic uncertainty and burden for transatlantic consumers and businesses. They emphasize how this move could negatively affect ongoing negotiations aimed at resolving ongoing trade disputes.
If no mutual agreement is finalized, the European Union plans to proceed with both existing and new countermeasures by July 14. The EU has stated it is finalizing consultations and appears ready to act sooner if necessary.
(With inputs from agencies.)
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