EU Strikes Back with $23 Billion Tariffs: Trade Tensions Skyrocket

European Union countries have approved retaliatory tariffs on USD 23 billion in US goods after President Trump's tariffs on steel and aluminum. The EU emphasizes a preference for negotiated solutions while preparing measures against potential US tariffs on European goods, focusing on balanced benefits and economic protection.

In a bold move to counterbalance US economic measures, European Union member states have sanctioned retaliatory tariffs against USD 23 billion worth of American goods. This decision follows President Donald Trump's 25% tariffs on imported steel and aluminum, a measure the EU has labeled as 'unjustified and damaging.' The rollout of these tariffs is set to commence in stages from April 15, with additional stages planned for May 15 and December 1.

Despite implementing these tariffs, the EU's 27-country bloc reiterates its preference for diplomacy over conflict, aiming for a negotiated resolution that would benefit both sides equally. EU officials assert that Trump's tariffs cause economic harm not just to the EU, but to the global economy at large. The European Commission, led by Ursula von der Leyen, has even suggested a zero-for-zero tariffs deal on industrial goods, including automobiles, in hopes of defusing the situation.

As the largest trading partners exchange goods and services crossing the Atlantic daily, France's Economic Minister Eric Lombard emphasized to National Assembly legislators that upcoming EU measures would consider broader strategic responses. This includes potential countermeasures in tech and services, crafted with the intent of leveling the negotiating field and safeguarding economic interests on both sides of the Atlantic.

(With inputs from agencies.)