The European Union approved retaliatory tariffs against the United States in an escalation of President Donald Trump’s trade war.
The EU was hit with 20% tariffs after Trump enacted so-called “reciprocal tariffs” on nearly every country, sending stock markets around the globe into a panic. The EU said Wednesday that the coalition approved 25% tariffs against the U.S. that will go into effect on April 15.
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“The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy,” the European Commission said in a statement.
“The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial,” the statement continued.
The union noted that “countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome.”
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European Commission President Ursula von der Leyen previously said the EU was open to a “zero-for-zero” tariff scheme, should the U.S. be willing to negotiate, but noted the EU was “prepared to respond through countermeasures and defend our interests.”
The U.S. and EU came close to scrapping industrial tariffs for about 10 years in their discussions of the Transatlantic Trade and Investment Partnership. However, Trump sank that plan during his first administration.
