Global Trade War: EU Delays Retaliatory Tariffs Against US

The European Union (EU) has postponed the measures planned in response to the US steel and aluminum tariffs until mid-April to allow time for negotiations. Maros Sefcovic, the EU Commissioner for Trade, addressed the International Trade Committee of the European Parliament where he spoke about trade issues between the EU and the US. Sefcovic stated that the timing of the two sets of measures prepared by the EU against the US steel and aluminum tariffs would be aligned, and that they would engage in discussions with member states while also buying time for negotiations with the US. In case an agreement cannot be reached between the parties, Sefcovic explained that the EU would adjust its response considering the new reciprocal tariffs that the US administration will implement on April 2, emphasizing the need for a strong, proportionate, solid, and well-calibrated response. The 25% tariffs on steel and aluminum imports imposed by the US came into effect on March 12. On the same day, the EU announced that retaliatory measures amounting to 26 billion euros would be implemented against the US. The EU customs duties were planned to be put into effect in two stages, on April 1 and April 13. The EU also published a list of US products that could be subject to retaliatory customs duties. The 99-page product list includes various items such as meat, poultry, dairy, nuts, coffee, fruits, vegetables, alcoholic beverages, gum, e-cigarettes, American whiskey typically associated with the US lifestyle, clothing, hand tools, machinery, and motorcycles. President Donald Trump had announced that if the 50% customs duty on US-produced whiskey was not lifted soon, a 200% customs duty would be imposed on all alcoholic products imported from the EU.