The EU's measures will apply to US goods worth about 26 billion euros ($28 billion), not only to steel and aluminum products but also to textiles, household appliances and agricultural products. These taxes will take effect from April 1.
When the US imposes tariffs on $28 billion worth of goods, we will respond with countermeasures worth €26 billion, said European Commission President Ursula von der Leyen. She also stressed that the EU is always open to negotiations and that "putting a burden on the economy with tariffs is not in our common interests."
The European Commission also said that in addition to steel and aluminum products subject to tax, there are also textiles, leather goods, household appliances, household appliances, plastic and wood. Agricultural products will also be taxed by the EU, including poultry, beef, some seafood, nuts, eggs, sugar and vegetables.
The US is the second largest export market for EU steel producers, accounting for 16% of the total steel export turnover of the EU.
The US imposed similar tariffs on EU steel and aluminum during President Donald Trump's first term. At that time, the EU imposed retaliatory measures and increased taxes on US-made motorbikes, bourbon, peanut butter and jeans, among many other items.
The EU estimates annual bilateral trade volume with the US at about 1,500 billion USD, accounting for about 30% of global trade. The EU has a significant export surplus with the US. According to the 27-member bloc, that surplus has been partly offset by the US surplus in trade and services.
The European Commission said that trade in goods will reach 851 billion euros ($878 billion) by 2023, with a trade surplus of 156 billion euros ($611 billion) for the EU. Trade in services is worth 688 billion euros ($710 billion) with a trade deficit of 104 billion euros ($107 billion) for the EU.
Meanwhile, the UK - a non-EU country - said it will not retaliate against US tariffs. The British government called the decision to impose a 25% tariff on global imports of steel and aluminum that Washington implemented since March 12 "disappointing".
