EU Adopts 25% Tariffs on $45B US Imports Amid Trade Dispute

The European Union has approved retaliatory tariffs on approximately €21 billion ($45 billion) of U.S. goods in response to President Trump's recent steel and aluminum tariffs. These tariffs, set to begin mid-April, target products such as soybeans, diamonds, and motorcycles, focusing on politically sensitive American states. The EU's action follows China's announcement of an 84% tariff on U.S. goods, escalating the trade conflict initiated by Trump's policies. Hungary was the only EU member to oppose these tariffs, advocating for negotiations instead. The EU has expressed a preference for dialogue to resolve trade tensions, indicating that countermeasures could be suspended if a fair agreement is reached. The situation underscores the growing economic strain on both sides amidst rising protectionist measures.