EU retaliates with tariffs on US goods

The European Commission announced Wednesday that it will apply commensurate tariffs on a range of U.S. products starting April 1.

The move came in response to the 25% duties on steel and aluminum imposed by the Donald Trump administration.

The European Union expressed regret over the measures taken by President Trump.

"In total, the EU countermeasures could therefore apply to U.S. goods exports worth up to €26 billion, matching the economic scope of the U.S. tariffs," explained a statement from the commission.

In that regard, the European Commission noted that the EU is open to working with the U.S. government to find a negotiated solution.

In addition, the commission emphasized that the measures could be reversed at any time if a mutually agreeable solution is reached.

"In the meantime, we will always remain open to negotiation. We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs. We are ready to engage in meaningful dialogue," stated European Commission President Ursula von der Leyen.

"We are focused on a pragmatic approach"

In contrast, the UK said it was disappointed by the U.S. measures, but announced it would not take retaliatory action in the immediate future.

“We are focused on a pragmatic approach and are rapidly negotiating a wider economic agreement with the US to eliminate additional tariffs and to benefit UK businesses and our economy,” said Secretary of State for Trade Jonathan Reynolds.