European Union Prepares for Tariff Retaliation Against the US

The European Union is set to retaliate against US customs duties by taking measures against an equal amount of products. In response to the steel and aluminum customs tariffs that came into effect in the US today, the European Union (EU) will take countermeasures against goods imported from the US starting from April 1. According to a statement by the European Commission, measures will be taken against US products amounting to $28 billion, equivalent to the products affected by US customs duties. The statement also mentioned that the European Commission is open to negotiations to find a solution to the trade dispute. The additional 25% customs duty imposed by the US on all imported steel and aluminum has now come into effect, following the expiration of previous exceptions. The customs duty applies not only to raw materials but also to hundreds of products made from steel and aluminum.