Ursula von der Leyen (CDU, r), President of the European Fee, stands within the plenary chamber of the European Parliament.
Philipp von Ditfurth | Image Alliance | Getty Pictures
The European Union plans to retaliate in opposition to america for brand spanking new metal and aluminum tariffs, including one other component to rising world commerce tensions.
“Unjustified tariffs on the EU is not going to go unanswered — they may set off agency and proportionate countermeasures,” European Fee President Ursula von der Leyen stated in a assertion late Monday. The European Fee is the chief physique of the EU.
The assertion comes after U.S. President Donald Trump signed an government order to impose 25% tariffs on metal and aluminum. Shares of American steelmakers rallied sharply on Monday following the order.
Tariffs are successfully a tax paid to import a very good into a rustic. The most recent tariffs might increase the value of overseas metal, and thereby assist to help U.S. metal producers on the expense of worldwide opponents. Von der Leyen referred to as tariffs “unhealthy for enterprise, worse for customers.”
Trump has taken an aggressive method with tariffs early in his second tenure within the White Home. He has already ordered tariffs on China, Canada and Mexico. The Canada and Mexico tariffs have since been delayed one month.
Europe just isn’t alone in pushing again in opposition to the U.S. tariffs. Final week, China introduced new levies in opposition to choose U.S. imports.
Reuters has reported that von der Leyen is scheduled to satisfy U.S. Vice President JD Vance on Tuesday.
The rising commerce tensions come at a time when inflation, each within the U.S. and globally, has but to utterly return to pre-pandemic ranges. Some economists warn that tariffs might be handed on to customers within the type of increased costs, which might push up inflation.
