The European Union is preparing to impose counter-tariffs of 25% on a range of American goods, including diamonds, eggs, meat products, and agricultural products. As part of the effort to protect European producers, restrictions on the import of steel and aluminum are also being considered.
This is reported by Finway
These measures are a response to the tariffs on steel and aluminum imposed by the administration of Donald Trump, which have already negatively impacted European manufacturers. According to a document reviewed by Reuters, a final decision on these countermeasures will be put to a vote among EU member states on April 9.
Phased Introduction of New Tariffs
The planned tariffs will be introduced in phases: some will take effect on May 16, while others will come into force on December 1. The list of goods subject to the new tariffs includes:
- diamonds
- eggs
- dental floss
- sausages
- poultry
- almonds (from December 1)
- soybeans (from December 1)
Among the goods that were initially planned to be taxed, bourbon, wine, and dairy products were excluded, which were intended to be subject to tariffs of up to 50%. This change came in response to a sharp reaction from Donald Trump, who threatened to impose tariffs of up to 200% on alcoholic beverages from the EU, causing particular concern in France and Italy – key players in the European wine industry.
Economic Consequences of the New Tariffs
EU Trade Commissioner Maroš Šefčovič emphasized that the planned tariffs will have a significantly smaller economic impact than previous measures amounting to 26 billion euros. Additionally, as of April 1, the EU has already reduced steel imports by 15% as part of strengthening its protective policy, and is also considering the possibility of introducing quotas on aluminum imports.