EU continues to move toward retaliatory tariffs against US
Jamie Crowley | Edited by Stephen Alpher on April 9, 2025, 2:54 PM
Members of the European Union (EU) have approved the European Commission’s initiative to introduce retaliatory duties on goods from the United States.
The bloc’s executive director presented the proposal as a measure against the US imposition of tariffs on imports of steel and aluminum from the EU.
The commission announced on Wednesday that the duties will begin to be levied on April 15, following the publication of the relevant law.
“The EU considers the US tariffs to be inappropriate and destructive, causing economic damage to both sides and to the global economy,” the Commission said in a statement.
The commission added that it preferred to avoid tariffs and that they could be suspended at any time if the US “reaches a fair and balanced outcome in the negotiations.”
President Donald Trump’s announcement of steep import tariffs sent cryptocurrency and stock markets tumbling last week. BTC fell about 8%, while the S&P 500 and Nasdaq fell more than 10%.
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