On June 2nd local time, a spokesperson for the European Commission stated that the EU deeply regrets the United States’ announcement to increase steel and aluminum tariffs from 25% to 50%, which further exacerbates economic uncertainty on both sides of the Atlantic. The spokesperson stated that negotiations are still ongoing – both parties have agreed to accelerate the negotiation process and will hold talks this week.
EU Trade Commissioner Sevkovic will meet with US Trade Representative Greer in Paris, France on June 4th.
Trump announced that he will increase the import steel tariffs to 50% starting from June 4th.
On May 30th local time, US President Trump announced that he would increase tariffs on imported steel from 25% to 50%. Subsequently, Trump posted on social media platforms that the decision would take effect from June 4th.
On February 10th, Trump signed an executive order announcing a 25% tariff on all steel and aluminum imports into the United States. On March 12th local time, Trump’s measure to impose a 25% tariff on all steel and aluminum imports into the United States officially came into effect.
EU: Preparing to take countermeasures.
On May 31st local time, the European Commission expressed regret over the United States’ announcement to increase import tariffs on steel and aluminum, and stated that the EU is prepared to take countermeasures.
The statement stated that the US government’s decision further adds uncertainty to the global economy, and raising tariffs undermines ongoing efforts to resolve the issue through negotiations.
The statement emphasizes that the European Commission is currently in final negotiations on expanding countermeasures. If a mutually acceptable solution cannot be reached, the existing and additional measures of the EU will automatically come into effect on July 14th, or may take effect earlier as needed.
