7 months ago
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BRUSSELS (AP) — European Union main Ursula von der Leyen vowed connected Tuesday that U.S. tariffs connected alloy and aluminum “will not spell unanswered,” adding that they volition trigger pugnacious countermeasures from the 27-nation bloc.
“The EU volition enactment to safeguard its economical interests,” von der Leyen said successful a connection successful absorption to U.S. President Donald Trump's imposition of tariffs connected alloy and aluminum the erstwhile day.
“Tariffs are taxes — atrocious for business, worse for consumers,” von der Leyen said. “Unjustified tariffs connected the EU volition not spell unanswered — they volition trigger steadfast and proportionate countermeasures.”
In Germany, location to the EU's largest economy, Chancellor Olaf Scholz told parliament that “if the U.S. leaves america nary different choice, past the European Union volition respond united,” adding that "ultimately, commercialized wars ever outgo some sides prosperity.”
Trump is hitting foreign alloy and aluminum with a 25% tax successful the anticipation that they volition springiness section producers alleviation from aggravated planetary competition, allowing them to complaint higher prices. He imposed akin tariffs during his archetypal presidency, but the determination damaged relations with cardinal U.S. allies and drove up costs for “downstream’’ manufacturers that bargain alloy and aluminum.
It is not wide what countermeasures would question to apply, but officials and observers person said they would people Republican states and traditionally beardown U.S. exports.
After Trump imposed alloy tariffs successful 2018, the EU imposed counter-tariffs connected U.S.-made motorcycles, bourbon, peanut food and jeans, among different items.
EU Commission vice-president Maroš Šefčovič said Tuesday that the tariffs are "economically counterproductive, particularly fixed the profoundly integrated accumulation chains established done our extended transatlantic commercialized and concern ties.”
“We volition support our workers, businesses and consumers," Šefčovič said, but added that “it is not our preferred scenario. We stay committed to constructive dialog. We basal acceptable for negotiations and to find mutually beneficial solutions wherever possible.”
The EU estimates that the commercialized measurement betwixt some sides stands astatine astir $1.5 trillion, representing immoderate 30% of planetary trade. “There is simply a batch astatine involvement for some sides,” helium told the EU legislature.
While the EU has a important export surplus successful goods, it says that is partially offset by the U.S. surplus successful the commercialized of services.
The EU says that commercialized successful goods reached 851 cardinal euros ($878 billion) successful 2023, with a commercialized surplus of 156 cardinal euros ($161 billion) for the EU. Trade successful services was worthy €688 cardinal ($710 billion) with a commercialized shortage of 104 cardinal euros (107 billion) for the EU.
Geir Moulson contributed from Berlin, Lorne Cook from Brussels
