April 09, (THEWILL) – The European Union announced on Wednesday the approval of retaliatory tariffs on $22 billion worth of U.S. goods as “countermeasures” against President Donald Trump’s tariffs.
Twenty-six of the 27 member states voted to impose “rebalancing” duties of between 10% and 25% on a range of American products, including tobacco, motorcycles, poultry, steel, and aluminium.
Only Hungary, whose leader Viktor Orbán is a staunch Trump ally, voted against the tariffs.
The move comes after Trump announced fresh 20% tariffs on EU imports last week and rejected a proposal to remove tariffs on all EU industrial goods traded with the US.
In a statement on Wednesday, the EU said it “Considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy.
“The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial.”
However, the EU said the tariffs will be phased in over three stages.
The first set will enter into force on 15 April, with most of the duties being applied from 16 May.
Import taxes on some other goods, including soybeans and nuts will kick in on 1 December.
The commission also said the tariffs can be suspended at any time, “should the US agree to a fair and balanced negotiated outcome.”
Trump has previously threatened to sever trade ties with the EU if it retaliates against his protectionist policies, which he claims are necessary to revive US manufacturing.
“They can retaliate, but it cannot be a successful retaliation, because we just go cold turkey. We don’t buy anymore. And if that happens, we win,” Trump said in February.
Earlier, China announced additional tariffs of 84% on US goods in retaliation for President Trump’s 104% tariffs on Beijing imports.
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