EU Threatens Retaliation as U.S. Doubles Steel Tariffs
(MENAFN) The European Union has voiced serious alarm over the United States' recent move to double tariffs on steel imports, cautioning that it may respond with retaliatory actions if a negotiated agreement is not achieved soon.
On Monday, European Commission spokesperson Olof Gill expressed the EU’s "strongly regrets" regarding Washington’s decision to hike steel tariffs from 25% up to 50%. He described the move as one that "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic."
Gill stressed that the tariff hike disrupts the ongoing efforts to reach an agreement, pointing out that the EU had paused its own countermeasures on April 14 in good faith to encourage continued talks with the US.
Currently, the Commission is concluding consultations on a broader package of countermeasures, Gill confirmed.
He issued a clear warning: "If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July or earlier, if circumstances require."
"The commission has been clear about its readiness to act in defense of EU interests, protecting our workers, consumers and industry," Gill added.
The US plans to implement the tariff increase on steel and aluminum imports from the EU starting June 4, effectively doubling the rate to 50%.
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