EU to impose counter measures against US tariffs : EU Trade Commissioner

LONDON : The United States will be fuelling inflation with its move to resume tariffs on aluminium and steel imports, European Union trade commissioner Maros Sefcovic told the European Parliament on February 11. He said EU will impose counter measures against US tariffs.

US President Donald Trump raised tariffs on aluminium and steel to 25% on Monday without exemptions in a bid to revive the flagging American industry, a move that risks sparking a global trade war.

Sefcovic said the tariffs were a lose-lose scenario, but the EU remained committed to finding a mutually beneficial solution with the United States as soon as possible.

“EU stands open for negotiations with US. We are looking into possibility of stronger trade ties with Gulf countries,” added Sefcovic. EU is prepared to face up to any challengers in the new era. Trade, like any basis, thrives on predictability and fair rules, said Sefcovic.

He said it was ‘unfortunate’ that US tariffs on steel and aluminium came back overnight and that tariffs are bad, ” they are bad for businesses and worse for consumers”.

Source : Reuters