EU Strikes Back with Retaliatory Tariffs Amidst Trade Tensions

The European Union has approved $23 billion in tariffs on US goods in response to tariffs imposed by the Trump administration. The EU seeks a negotiated settlement, aiming to avoid a broader trade war. Measures may impact US tech and services sectors, alongside goods.

The European Union has taken a significant step by approving $23 billion worth of retaliatory tariffs on American products. This decision comes as a response to President Donald Trump's imposition of 25% tariffs on imported steel and aluminum.

The newly imposed tariffs by the EU will be implemented in stages starting from April 15, with subsequent rounds on May 15 and December 1. Although specific goods have not been disclosed, the EU's executive commission has emphasized its preference for a negotiated agreement to resolve these trade discrepancies.

Ursula von der Leyen, leading the EU's executive commission, has extended an offer for zero tariffs on industrial goods, yet this proposal fell short of US expectations. The EU aims to avoid exacerbating tensions while exploring measures that could include targeting US tech enterprises, as indicated by France's Economic Minister, Eric Lombard.

(With inputs from agencies.)