European Union responds with countermeasures to U.S tariffs on steel
European Commission President Ursula von der Leyen said on Wednesday that the European Union (EU) has launched ‘swift and proportionate countermeasures’ on US imports in the EU in response to steel tariffs.
Additional comments
EU responds with countermeasures worth EUR26 billion.
It will reimpose suspended 2018 and 2020 rebalancing measure and will introduce new measures.
Measures will be imposed in two steps from April 1 to 13.
Market reaction
The Euro (EUR) has come under moderate selling pressure on these headlines, with EUR/USD losing 0.15% on the day to trade near 1.0900 as of writing.
Tariffs FAQs
What are tariffs?
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
