BRUSSELS \u2014 The European Union\u2019s executive branch on Friday vowed to \u201ctake firm and immediate action\u201d against U.S. President Donald Trump\u2019s imposition of tariffs on steel and aluminum.<\/p>\n
The European Commission said in a statement that Trump\u2019s proposed \u201creciprocal\u201d trade policy goes \u201cin the wrong direction.\u201d<\/p>\n
\u201cThe EU will take firm and immediate action against unjustified barriers to free and fair trade, including when tariffs are used to challenge legitimate and non-discriminatory policies,\u201d the Commission said. \u201cThe EU will always protect European businesses, workers and consumers from unjustified tariff measures.\u201d<\/p>\n
The Commission, which negotiates trade relations on behalf of the 27-nation bloc, said the EU has some of the lowest tariffs in the world and sees no justification for increased U.S. tariffs on its exports.<\/p>\n
\u201cTariffs are taxes. By imposing tariffs, the US is taxing its own citizens, raising costs for business, stifling growth and fuelling inflation,\u201d it said. \u201cTariffs heighten economic uncertainty and disrupt the efficiency and integration of global markets.\u201d<\/p>\n
Earlier this week, the Commission said U.S. tariffs on steel and aluminum would not go unanswered.<\/p>\n
It is not yet clear what countermeasures would apply. Trump slapped similar tariffs on EU steel and aluminum during his first term, which enraged European and other allies. The EU imposed countermeasures in retaliation at the time, raising tariffs on U.S.-made motorcycles, bourbon, peanut butter and jeans, among other items.<\/p>\n
The EU estimates that annual trade volume between both sides stands at about $1.5 trillion, representing some 30% of global trade. While the bloc has a substantial export surplus in goods, it says that is partly offset by the U.S. surplus in the trade of services.<\/p>\n
The EU says that trade in goods reached 851 billion euros ($878 billion) in 2023, with a trade surplus of 156 billion euros ($161 billion) for the EU. Trade in services was worth 688 billion euros ($710 billion) with a trade deficit of 104 billion euros ($107 billion) for the EU.<\/p>\n
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