EU estimates nearly US$30 billion losses from Trump's steel and aluminium tariffs
The European Union estimated that the first wave of tariffs on steel and aluminium imposed by US President Donald Trump will result in a hit to EU exports worth up to €28 billion (approx. US$29.3 billion).
Source: Bloomberg, as reported by European Pravda
Details: Maroš Šefčovič, European Commissioner for Trade and Economic Security, presented the EU's estimated losses from Trump's tariffs during a meeting with EU ambassadors on Friday, 21 February.
This followed a visit to Washington, where Šefčovič sought to establish contact with US partners in order to minimise the impact of the tariffs on the European economy.
The European Commission's assessment indicated that the new US tariffs could potentially affect four times as many goods as during Trump's first term. However, the situation is in flux and the scope of tariffs may still change.
Background:
- Donald Trump previously announced plans to impose tariffs of 25% on steel and aluminium exports to the US, which could come into effect on 12 March.
- Even before receiving official notification regarding the imposition of additional tariffs on EU goods, the European Commission called Trump's decision as "unlawful and economically counterproductive".
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