Trump vows retaliation against EU tariffs - Warning risks escalating trade war
United States President Donald Trump said he would respond to retaliatory tariffs from the European Union as the global trade war continues to escalate. He did not specify what action he would take, but said: "Of course, I will respond," when asked by reporters at the White House.
Trump threatened to double tariffs on Canadian steel and aluminum to 50% before backing off to a 25% rate after Ontario suspended the U.S. electricity surcharge earlier in the day.
Trump went ahead with blanket 25% tariffs on steel and aluminum for other countries on Wednesday, prompting immediate countermeasures from the EU and Canada.
The European Union retaliated with import duties on €26 billion worth of US goods "that are consistent with the economic purpose of the US tariffs." The Commission will reimpose countermeasures from 2018 to 2020 during Trump's first term against €8 billion worth of US goods on April 1, followed by a new €18 billion tariff package in mid-April.
In the statement, the Commission expressed "regret at the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade and harmful to businesses and consumers, often resulting in higher prices". It also added that "the EU remains ready to work with the US administration to find a negotiated solution".
Canada responded with new tariffs of 25% on $19 billion worth of U.S.-made goods. In total, the countermeasures will affect $8 billion in steel products, $1.9 billion in aluminum, and $9.1 billion in other items. Canada is the largest exporter of steel to the U.S., followed by Mexico, Brazil, and China in 2024.
Other countries did not immediately retaliate against Trump's metal tariffs, but most expressed a willingness to engage in dialogue. UK Prime Minister Keir Starmer said Britain would "keep all options on the table" and was "negotiating an economic deal that would include the tariffs."
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