The European Union wants to negotiate with the United States to avoid the full imposition of tariffs on steel and aluminum trade, but is also ready to move forward with any necessary reciprocal tariffs and take steps to protect European markets, Fastmarkets reported on Monday, April 7.
EU leaders were due to meet at the Council on Foreign Affairs and Trade on Monday to discuss the US tariffs, their impact on the EU economy and possible retaliatory measures.
A number of recently imposed tariffs in the United States have targeted a significant portion of EU exports to that country, worth 380 billion euros ($415 billion) per year.
"About 70% of our total exports… we are facing tariffs of 20% or 25%, or even higher, combined with existing tariffs of the most favored nation, such as a duty of 25% on passenger cars," said EU Trade Commissioner Maros Sefcovic during a press conference of the Council on Foreign Affairs (Trade) on April 7..
Despite the fact that the EU remains open to negotiations and considers this issue a priority, the bloc is also ready to take retaliatory measures.
"Although the EU remains open to negotiations and strongly prefers them, we will not wait indefinitely," Sefcovic said.
With regard to steel and aluminum in particular, the European Commission has "received valuable feedback from ... Member States and 660 stakeholders" and is working on a list of countermeasures. This list of measures and the levels of proposed tariffs were to be sent to Member States on April 7, while a vote on them was scheduled for April 9, with the final list to be approved on April 15.
According to a press release from the European Commission, all duties imposed on goods under the first package of measures will come into force from that day, and on the rest from May 15.
Details about specific counteraction measures have not yet been announced.
Regional sources suggested that the rebalancing measures would include a mirrored 25% tariff on steel and aluminum imports from the United States, the euro, as proposed in March.
