The European Union on Wednesday announced retaliatory trade action with new duties on U.S. industrial and farm products, responding within hours to the Trump administration's increase in tariffs on all steel and aluminum imports to 25%.
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00:00As of this morning, the United States is applying a 25% tariff on imports of steel and aluminum.
00:10We deeply regret this measure.
00:13Tariffs are taxes. They are bad for business and worse for consumers.
00:19They are disrupting supply chains.
00:22They bring uncertainty for the economy.
00:26Jobs are at stake. Prices are up. Nobody needs that.
00:30On both sides, neither in the European Union nor in the United States.
00:35The European Union must act to protect consumers and business.
00:42The countermeasures we take today are strong but proportionate.
00:48As the United States are applying tariffs worth $28 billion,
00:54we are responding with countermeasures worth 26 billion euros.
00:59This matches the economic scope of the tariffs of the United States.
01:05Our countermeasures will be introduced in two steps,
01:09starting with April 1st and fully in place as of April 13th.
01:15In the meantime, we will always remain open to negotiations.
01:21We firmly believe that in a world fraught with geoeconomic and political uncertainties,
01:30it is not in our common interest to burden our economies with such tariffs.
01:37We are ready to engage in a meaningful dialogue.