Transatlantic Trade Tensions: Escalating Tariffs Clash Between EU and US
The European Commission is poised to retaliate against President Donald Trump's proposal to double tariffs on imported steel and aluminum. The tariff increase exacerbates the US-EU trade dispute, with both sides preparing countermeasures. Trump's decision has drawn criticism from Canada and Australia, citing economic and diplomatic repercussions.
On Saturday, the European Commission declared its readiness to retaliate against President Donald Trump's initiative to double tariffs on imported steel and aluminum, escalating tensions between two major global economic entities.
Trump's decision to increase tariffs to 50% from 25% on imports intensifies his trade disputes worldwide, following accusations against China of breaching mutual agreements. The European Commission criticized the move, warning it undermines ongoing negotiations and affects businesses across the Atlantic.
The announcement has provoked a backlash from international allies. Canada's Chamber of Commerce condemned it as harmful to the North American economic relationship, while Australia's trade minister deemed it unfriendly and unjustified. As the US, a top global steel importer, braces for likely price hikes, industries and consumers brace for impact.
(With inputs from agencies.)
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