New Delhi: The European Union has sanctioned tariffs targeting approximately €21 billion ($23.2 billion) worth of American goods in response to the 25 percent duties imposed by President Donald Trump last month on steel and aluminum exports from the EU.
On Wednesday, a majority of the EU’s 27 member states voted in favor of these penalties, with some set to take effect in mid-April. The tariffs will focus on politically significant American states and will include items such as soybeans from Louisiana, the district of House Speaker Mike Johnson, along with diamonds, agricultural products, poultry, and motorcycles.
This action follows China’s retaliation against the 104 percent tariffs placed on its goods entering the US, as Beijing has now implemented an 84 percent tariff on imports from America.
Certain EU tariffs are scheduled to begin in mid-April, with another set to be enforced in mid-May, and a third group expected to take effect on December 1, according to Bloomberg. Most of the affected goods will incur a 25 percent tariff, while a few categories will face a 10 percent levy.
Bourbon was excluded from the EU’s tariff list following pressure from member states after Trump threatened to impose 200 percent duties on wine, champagne, and other alcoholic beverages from France and other countries.
In response to Trump’s tariffs, the Chinese finance ministry announced on Wednesday that it would impose additional tariffs of 84 percent, an increase from the previous 34 percent, on all US goods, effective April 10.
In a statement accompanying its white paper on trade with the US, China’s commerce ministry declared, “If the US continues to escalate its economic and trade restrictions, China is resolute and well-equipped to implement necessary countermeasures and will fight to the end.”
US Treasury Secretary Scott Bessent expressed his disapproval of China’s tariffs during an interview with Fox Business Network, describing the situation as “unfortunate.”
