Tensions between the U.S. and the European Union escalated Wednesday as President Donald Trump vowed to impose new tariffs in response to the EU’s retaliatory measures. The dispute follows Washington’s decision to implement 25% tariffs on steel and aluminum imports, prompting Brussels to announce counter-tariffs on $28 billion worth of U.S. goods starting in April.
What to know:
- The EU plans to reintroduce tariffs on $8 billion of U.S. exports and impose new duties on $18 billion more.
- Trump said the U.S. would implement “reciprocal tariffs” to match the EU’s countermeasures.
- The president criticized the EU for trade imbalances, claiming the bloc was “set up to take advantage of the United States.”
- The EU reported a $169 billion goods trade surplus with the U.S. in 2023 while running a $113 billion deficit in services.
- European Commission President Ursula von der Leyen warned that tariffs disrupt supply chains and harm businesses and consumers.
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