EU Announces Counter Tariffs on $28 Billion US Goods

The European Union announced retaliatory tariffs on approximately €26 billion worth of U.S. industrial and agricultural products in response to President Trump's recent hike of tariffs on steel and aluminum imports to 25%. This measure, which targets products like motorcycles, bourbon, and agricultural goods, aims to apply pressure on Republican-held states while attempting to minimize further damage to the EU economy. European Commission President Ursula von der Leyen expressed regret over the escalation, stating that tariffs are detrimental to both economies and emphasizing the EU's openness to negotiations. The tariffs are set to be implemented in phases starting in April, with the first phase reinstating duties that had been suspended during the Biden administration. The EU's countermeasures are a significant escalation in the ongoing trade tensions, which have been a point of contention since 2018. Both sides are warned that the tariffs could lead to job losses and increased prices in their respective markets.