Europe Fights Back With $20B Retaliatory Tariffs

The EU confirmed that it will impose retaliatory tariffs on more than $20 billion worth of American goods, in what European officials describe as a direct response to President Donald Trump’s ongoing trade war. The Commission declared that it “considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy,” signaling the bloc’s strong opposition to recent U.S. measures on steel, aluminum, and other products.

According to sources in Brussels, 25% tariffs will soon apply to various US exports ranging from almonds to yachts, starting with duties collected on April 15 and May 15, with a final batch scheduled for December 1. European policymakers aimed these countermeasures at goods that can be easily replaced by non-US suppliers, but some items were also chosen for their political impact on Republican-leaning states.

All EU member states, except Hungary, voted in favor of the measures. Hungarian Foreign Minister Péter Szijjártó took to social media to criticize the decision and emphasized, “Such measures would cause further damage to [the] European economy and citizens by raising prices. The only way forward is negotiations, not retaliation.”

The new tariffs follow China’s announcement of an 84% levy on all US goods, up from a previously announced 34%.

EC President Ursula von der Leyen revealed that a “zero-for-zero” trade deal has been offered to the White House, a proposal initially floated back in 2018 to remove tariffs on both sides altogether. Recent remarks by billionaire businessman and Trump adviser Elon Musk have also hinted at support for a deal that eliminates tariffs.

However, observers remain divided over whether the Trump administration is using tariffs solely as a negotiating tactic or as a longer-term strategy to reshape American industry.


Information for this story was found via The Guardian and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Trump Backtracks on China Tariffs After Economic Pressure Mounts

President Donald Trump is retreating from his hardline stance on Chinese tariffs, signaling a potential...

Wednesday, April 23, 2025, 07:46:05 AM

Kimbal, Elon Musk’s Brother, Calls Out Trump For “Permanent Tax” On US Consumer

Kimbal Musk, a director at Tesla (NASDAQ: TSLA) and brother of Elon Musk, has launched...

Tuesday, April 8, 2025, 04:20:00 PM

Did Trump ‘Overplay His Hand’ In Tariff-Driven Trade Deals?

President Donald Trump’s tariff-heavy trade strategy is encountering significant resistance as countries worldwide adopt China’s...

Thursday, May 22, 2025, 04:34:00 PM

Stellantis to Shift Some Production to US Amid Trump Tariff Concerns

Automaker Stellantis NV (NYSE: STLA) will relocate some of its manufacturing from Mexico to the...

Friday, May 2, 2025, 12:10:00 PM

Canada Stands Firm on Dairy System Despite US Pressure

Trade Minister Mary Ng rejected any changes to Canada’s dairy supply management system Wednesday, despite...

Friday, February 7, 2025, 11:20:00 AM