EU Warns of Retaliation Over U.S. Steel Tariffs
(MENAFN) The European Union has voiced serious apprehension regarding the United States' recent choice to significantly raise tariffs on steel imports. This move has triggered warnings from the EU, suggesting it may take reciprocal action if both sides fail to reach a diplomatic resolution.
During a Monday briefing, European Commission representative Olof Gill conveyed the EU’s dissatisfaction with Washington's decision to lift steel tariffs from 25 percent to 50 percent.
He described the policy as one that "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic."
Gill emphasized that the EU "strongly regrets" the escalation and highlighted its potential to disrupt international markets and create additional economic strain.
Gill further remarked that the tariff hike jeopardizes "ongoing efforts to reach a negotiated solution."
He pointed out that, as a gesture of goodwill, the EU had suspended its own retaliatory tariffs on April 14 "in good faith" to create space for continued talks with U.S. officials.
According to Gill, the European Commission is currently concluding internal discussions to finalize a broader package of response measures.
He cautioned that if no "mutually acceptable solution" is achieved, both current and new EU counteractions will "automatically take effect on 14 July or earlier, if circumstances require."
He concluded by reaffirming the EU's commitment to safeguarding its strategic interests: "The commission has been clear about its readiness to act in defense of EU interests, protecting our workers, consumers and industry."
The U.S. is slated to implement the heightened import duties on steel and aluminum from the EU as of June 4, effectively doubling the existing rates to 50 percent.
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