EU strikes back: New tariffs target $24 billion in US goods
The European Union has decided to impose tariffs of up to 25 percent on American goods in retaliation for the tariffs the United States imposed on steel and aluminum. This measure was supported by 26 member states, with only Hungary opposing it.
- Decision to impose retaliatory tariffs: The European Union has chosen to implement tariffs on American goods valued at $24 billion. These tariffs are a response to the US tariffs on steel and aluminum.
- Hungary opposes: Hungary was the sole EU member to oppose this decision. Hungary's Foreign Minister, Peter Szijjarto, announced this on the X platform.
- Tariff implementation date: Some of the new rates, reaching up to 25 percent, will take effect in mid-April.
The decision by the European Union to impose tariffs on the United States in response to the steel and aluminum tariffs was supported by all member countries except Hungary, according to an EU source on Wednesday.
Hungary's vote against the retaliatory tariffs on the USA was announced on the X platform by Hungarian Foreign Minister Peter Szijjarto just before the vote.
"EU considers US tariffs unjustified and damaging"
The list of goods was proposed by the European Commission on Monday, which is responsible for trade policy in the EU. On Wednesday, member countries approved it in a vote.
In a statement, the European Commission emphasized that the retaliatory tariffs "can be suspended at any time, should the U.S. agree to a fair and balanced negotiated outcome."
The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial, as stated by the European Commission.
The document is 67 pages long and lists goods voted on by the member states. These include agricultural products such as poultry, fruits, nuts, and soy, as well as motorcycles and yachts. The list does not include whiskey due to concerns, especially from wine-producing countries in Europe, about US retaliation against European alcohols.
This is the EU's response to tariffs on steel and aluminum
The approved EU tariffs are a response to the increased tariffs, up to 25 percent, on steel and aluminum imported into the USA since March 12. The EU tariffs will be implemented gradually, starting in mid-April, with a second phase on May 16. The tariffs on some goods, such as soy and nuts, will be raised on December 1.
According to the announcements, the EU tariffs will affect American goods, whose imports in 2024 totaled $24 billion. Meanwhile, the value of steel and aluminum from the EU to the USA was $28 billion.
