The increase in US tariffs on steel and aluminium came into effect today.
The tariff hike, requested by US President Donald Trump, is a new phase in the trade war between Washington and its main partners.
The US president has taxed steel and aluminium imports during his first term (2017-2021), but the new tariffs are intended to be “without exemptions”.
Trump hopes the decision on tariffs will increase steel and aluminium production in the US, while critics say it will increase prices for American consumers and slow economic growth.
EU imposes tariffs on US goods after US increases in steel and aluminium tariffs
The European Commission said today that it will apply “proportionate” tariffs on a range of US products from April 1, in response to the US increasing tariffs of 25% on steel and aluminium. The EU “deeply regrets” the measures taken by US President Donald Trump, according to a statement by European Commission President Ursula von der Leyen.
As it adds, tariffs are bad for business and even worse for consumers.
