EU Retaliates Against US Steel Tariffs with €26 Billion Countermeasures

The European Union (EU) has retaliated against U.S. tariffs of 25% on steel and aluminum imports by imposing countermeasures on approximately $28 billion worth of American goods. This response includes re-imposing previously suspended tariffs on $8 billion of U.S. exports and adding new tariffs on an additional $18 billion of goods, which the EU describes as 'strong but proportionate.' U.S. President Donald Trump had initially threatened to increase tariffs on Canadian imports to 50% but backed down to 25% after Ontario suspended its electricity surcharge. The EU's response highlights the significant trade relationship between the U.S. and Europe, which totaled $1.68 trillion in goods and services in 2023. German steel giant Salzgitter has called for a unified EU response and negotiations with the U.S. to mitigate the tariffs' impact. Trump's protectionist policies continue to escalate tensions, raising concerns over higher consumer prices and reduced trade.