Trump's steel tariffs could trigger broader trade war as EU threatens 'proportionate countermeasures'
The European Union plans to retaliate against the United States for new steel and aluminum tariffs.
"Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures," European Commission President Ursula von der Leyen said in a statement late Monday.
The statement comes after U.S. President Donald Trump signed an executive order to impose 25% tariffs on steel and aluminum. Shares of American steelmakers rallied sharply on Monday following the order.
Tariffs are effectively a tax paid to import a good into a country. The latest tariffs could raise the price of foreign steel, and thereby help to support U.S. steel producers. Von der Layen called tariffs "bad for business, worse for consumers."
Trump has taken an aggressive approach with tariffs early in his second tenure in the White House. He has already ordered and then delayed broad tariffs on Canada and Mexico.
Reuters has reported that von der Leyen is scheduled to meet U.S. Vice President JD Vance on Tuesday.
Reprinted from CNBC，the copyright all reserved by the original author.
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