This Wednesday, by decision of the president Donald Trump, the 25% increase in tariffs on all steel and aluminum imports officially entered into force, and immediately the European Union and Canada announced countermeasures that escalate the trade war initiated by the United States government.
The EU will apply countermeasures for $28.000 billion while Canada is expected to announce retaliatory tariffs of $20.700 billion.
In total, in response to Trump, the former allies of the United States will add measures amounting to nearly $50 billion.
What retaliatory measures will the European Union take?
The EU countermeasures will come into effect on April 1st.
“Since the United States is imposing tariffs worth $28 billion, we will respond with countermeasures worth €26 billion ($28 billion),” stated the President of the European Commission, Ursula von der Leyen, in a statement.
The Commission manages trade disputes on behalf of the 27 member countries.
“We will always be open to negotiation. We firmly believe that in a world full of geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,” added von der Leyen.
The Commission also indicated that steel and aluminum products will be affected, as well as textiles, leather goods, household appliances, home tools, plastics, and wood. In addition, agricultural products will be affected, including poultry, beef, some seafood, nuts, eggs, sugar, and vegetables.
What retaliatory measures will Canada take?
The northern neighbor will announce tariffs against the United States for 20.7 billion dollars in retaliation for the steel and aluminum tariffs imposed by Trump, as reported by a Canadian official who spoke on condition of anonymity to The Associated Press.
Canada is the largest foreign supplier of steel and aluminum to the United States.
The products affected by Canadian tariffs would be tools, computers and servers, display monitors, sports equipment, and cast iron products.
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