EU Strikes Back: Retaliatory Tariffs on US Goods

The European Union has decided to impose retaliatory tariffs on $23 billion worth of US goods. This move comes in response to US President Trump's tariffs on imported steel and aluminum. The EU seeks a negotiated solution, offering a zero-for-zero deal, which Trump has dismissed.

In a significant development, the European Union has approved retaliatory measures amounting to $23 billion in tariffs on American goods. This decision is a direct response to President Donald Trump's 25 percent tariffs on steel and aluminum imports.

The EU's tariffs will be implemented in phases beginning April 15, with additional rounds on May 15 and December 1. However, the European Commission has yet to release a comprehensive list of affected goods.

Despite these actions, EU leaders continue to express a strong preference for a negotiated resolution. They have labeled the US tariffs as both unjustified and damaging, not just to the two economies involved but to global trade as a whole. European Commission President Ursula von der Leyen has even proposed a zero-for-zero tariff arrangement on industrial items, including cars, but Trump has indicated that such measures are insufficient to meet American trade concerns.

(With inputs from agencies.)