European Leaders Vow Retaliation Against Trump’s Metal Tariffs

European leaders have promised retaliation against Trump’s 25% tariffs on steel and aluminium imports, asserting that these unjustified measures will provoke a robust response. EU officials emphasize the economic repercussions and advocate for a unified front to protect their interests, amidst rising concerns of a global trade conflict and the potential impact on inflation.

European leaders have vowed to retaliate following President Donald Trump’s decision to impose sweeping tariffs of 25% on all steel and aluminium imports to the United States. This measure, which poses a threat of escalating a global trade conflict, was denounced by Ursula von der Leyen, the president of the European Commission, who stated that the tariffs would not go unchecked, asserting the need to safeguard the EU’s economic interests and protect its workforce and consumers.

In response to Trump’s actions, Maroš Šefčovič, the EU’s trade commissioner, expressed concerns over the potential of these tariffs to incite inflation. While he acknowledged the detrimental effects of tariffs on businesses and consumers, he affirmed the EU’s commitment to pursue a fair and mutually advantageous resolution promptly. He emphasized that the EU would analyze the measures imposed and prepare to respond firmly and proportionately against such unwarranted actions.

President Trump’s tariffs raised the aluminium tariff from 10% to 25% and removed exemptions for any countries, effective March 4. He aimed to simplify the tariff structure for clarity, proclaiming it as universally applicable at 25%. Furthermore, he indicated that reciprocal tariffs would be implemented on nations burdening imports from the US, hinting at potential additional tariffs on automobiles and pharmaceuticals.

With the backdrop of Trump’s earlier tariffs, countries like Canada, Brazil, and Mexico, which are significant steel exporters to the US, are likely to be impacted. The European Union, accounting for approximately €3 billion in steel exports to the US annually, stands to be affected as well. Canadian Prime Minister Justin Trudeau condemned the tariffs as “unacceptable,” affirming a strong national response if necessary.

Leaders from South Korea and Germany also voiced their stance against the tariffs, with South Korea’s acting president, Choi Sang-mok, advocating for diplomatic channels while emphasizing company interests. German Chancellor Olaf Scholz pledged a unified EU response, declaring the bloc’s collective strength as the world’s largest market with 450 million inhabitants. France’s industry minister, Marc Ferracci, underscored the necessity for Europe to respond decisively to Trump’s strategies designed to cause division among EU member states.

In conclusion, European and world leaders have expressed profound discontent regarding President Trump’s recent tariffs on steel and aluminium imports, which raise concerns of a trade war. The EU has committed to a unified response to safeguard its interests, with various leaders emphasizing the importance of collective action to mitigate the negative impacts of the tariffs. The ongoing dialogue suggests a critical need for negotiation to avoid escalating tensions and economic fallout.

Original Source: www.theguardian.com