In a statement on March 12, the European Commission said that the European Union (EU) will impose retaliatory tariffs on 26 billion EUR (28.33 billion USD) of US goods starting next month.
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| The EU has imposed retaliatory tariffs on more than $28 billion worth of US goods. (Source: Alamy Stock) |
The move is in response to US tariffs on steel and aluminum.
The 25% tariff on all steel and aluminum imported into the US officially took effect from March 12, in line with the White House's commitment to no exceptions or exemptions, despite efforts from many countries to avoid this measure.
Mr. Trump wants to increase protection for aluminum and steel producers in the world's largest economy, reviving domestic manufacturing.
The 25% tariffs the White House boss imposed on both metals could raise the cost of making a wide range of products, from home appliances to cars and soft drink cans, and push up consumer prices in the future.
The Trump administration's decision has been supported by US steelmakers, who say the move will help the country's steel industry thrive again.
The worst-affected countries, Canada, Britain and Australia, have spoken out against Washington's decision.
President Trump's constant changes in trade policy have caused volatility in financial markets, sending Wall Street stock indexes plunging for two consecutive days.
However, the White House boss dismissed concerns about the risk of recession, while affirming that the world's largest economy remains strong.
Source: https://baoquocte.vn/ngay-khi-thue-quan-voi-nhom-thep-vao-washington-co-hieu-luc-eu-tung-don-danh-moi-nham-vao-28-ty-usd-hang-my-307272.html
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