European leaders on Tuesday pledged to retaliate after President Trump’s aluminum and steel increased by 25 %, even as he hopes he will be able to negotiate a deal with the United States.
European Union officials have argued that Europe and the United States are deeply connected and provoking trade war will hurt both sides. But they too are quietly preparing to back down against US prices, and they have said that they are ready to implement retaliation if they are not found to be a trade solution.
“The unprecedented revenue will not be answered on the European Union,” said Ursola Van Dare Leene, president of the European Commission’s Executive ART Executive ART.
The European Union Commissioner has been accused of trade and economic security, Marivovi, Told the members Regarding the European Parliament on Tuesday, the new US revenue was a “losing scenario”, adding that “the time has come” for the European response.
“We are currently evaluating the scope of the steps announced overnight and will respond in a strong and proportional way through response measures,” he said.
Former President Joseph R. Biden Jr. signed an agreement with European leaders in 2021, allowing a certain amount of steel and aluminum to enter the United States to enter the United States. Was the contract Extended in 2023 And was to be enforced by the end of this year.
According to the US Commerce Department, the United States imported about 4 million metric tonnes of steel products and 283,000 metric tons of aluminum products from the European Union in 2022. Germany is the largest European exporter of steel in the United States, followed by Italy and then Spain
Europe is expected to tighten its security arrangements for its domestic steel industry, but the time for this reaction was uncertain on Tuesday.
“We are not still in a position yet when we say exactly when we respond in a very concrete way,” said Pola Panhu, the chief spokesman for the European Union, Pola Panhu. During a news conference Tuesday
For Europe, the first shoe is the only shoe to leave steel and aluminum prices. Mr Trump has made it clear in recent times that he can announce more “mutual” taxes in early Tuesday. They will likely affect the European Union, which is probably trying to equalize tariff rates between the two economies on important products like cars.
Goldman Sex economists wrote in a research note on Tuesday, “It seems that a mutual tax will equalize auto prices – it will be primarily on the European Union, with 10 percent tariffs on cars.” European Union officials have already suggested that they consider Reducing rates On the cars
