EU Finalizes Tariff Countermeasures Against US Goods

The European Union is poised to implement retaliatory tariffs against a range of US imports, including soybeans, tobacco, and certain vehicles, following the 25% tariffs imposed by the US on EU steel and aluminium. Notably, bourbon and other alcoholic beverages have been exempted from these countermeasures due to lobbying from member states like Ireland, Italy, and France, who sought to protect their lucrative alcohol sectors from potential US retaliations. The EU's initial list targeted products amounting to €26 billion but was narrowed down to approximately €21.9 billion after negotiations. As part of a phased approach, the first round of tariffs is set to begin on April 15, with subsequent measures planned for May and December. EU officials express a preference for negotiations over tariffs but are prepared to impose them as necessary. The planned tariffs reflect a significant response to ongoing trade tensions between the EU and the US.