The European Union has announced economic countermeasures amounting

The European Union has announced economic countermeasures amounting to approximately $28 billion in response to the implementation of President Donald Trump's 25% tariffs on all steel and aluminum imports.
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Key Developments 
The European Commission, which serves as the EU's executive arm, condemned the U.S. tariffs on steel and aluminum as "unjustified" and stated that it has initiated "swift and proportionate countermeasures" set to take effect on April 1.

The Commission indicated that the suspension of "existing 2018 and 2020 countermeasures" against the U.S. will conclude next month, targeting a variety of U.S. products in response to the economic damage inflicted on €8 billion ($8.72 billion) of EU steel and aluminum exports.

Additionally, the Commission is preparing a new set of countermeasures aimed at addressing Trump's tariffs, which impact over €18 billion ($19.61 billion) of EU exports. This second round of measures is expected to be enacted in mid-April, following consultations with Member States and stakeholders.

Overall, the Commission noted that its countermeasures will affect U.S. exports valued at up to €26 billion ($28.33 billion), effectively matching the economic impact of the U.S. tariffs.

Significant Statement 
Ursula von der Leyen, President of the European Commission, remarked: "Tariffs are taxes. They are detrimental to business and even more harmful to consumers... Jobs are at risk. Prices will increase. In Europe."

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