The EU will respond to Mr. Trump’s steel and aluminum tax

On February 10, US President Donald Trump signed a 25% tax decree with steel and aluminum imported into the United States. This policy takes effect from March 4. Countries being tax exempt from aluminum and steel will no longer enjoy this benefit. Previously, the tax rate for this item was 10%, applied from 2018.

Theo ReutersThe EU said it would respond by tough and commensurate measures after the decision to increase the steel and aluminum tax of Mr. Trump. This increases the fear of escalating trade tensions.

The European Commission Chairman Ursula Von Der Leyen said, “Extremely sorry about the US decision”. Along with that, she said that the above tariffs are not good for businesses and consumers. Over the past decade, the EU annually exports about US $ 3.1 billion steel to the United States.

Ms. Leyen affirmed that the EU would act to protect her interests. However, she did not say more details about European response.

Theo ReutersEU can choose to re -activate the tax rates that this area applies to Bourbon, US imported motorbikes since 2018, but has been agreed upon by Ms. Leyen and former US President Joe Biden until the end of March. this year.

According to the American iron and steel association, the country imports the most steel from Canada, Brazil, Mexico, Korea and Vietnam. With aluminum, Canada contributes up to 79% of imports in the first 11 months of last year. Mexico is also a large aluminum supplier for the US.

Mr. Trump also said that he would continue to notify the taxpayer to all US taxes in the next two days. At the same time, the US President is considering imposing taxes on cars, semiconductors and pharmaceuticals.

When asked about the threat of retaliation from other countries with new tax rates, Mr. Trump replied that “I don’t mind”.