EU to impose €21 billion in retaliatory tariffs on US goods

The European Union has approved retaliatory tariffs on nearly €21 billion worth of US products, including soybeans, motorcycles, and orange juice, after all but one of its 27 countries supported the measures on Wednesday. The European Commission confirmed the move in a statement, arguing that US tariffs are unjustified and harmful to both economies as well as the global economy. It also emphasized the EU’s preference for negotiated solutions that would benefit both sides.

The EU’s countermeasures, aimed at responding to President Trump’s steel and aluminum tariffs, will be implemented in three stages. The first round, covering €3.9 billion in trade, will begin next week. A second phase, involving €13.5 billion, will take effect in mid-May, and a final round, amounting to €3.5 billion, will follow in December. Hungary was the only country to oppose the package, with all other member states voting in favor.

These measures do not yet address Trump’s 20% "reciprocal" tariffs on all EU exports or his 25% tariff on cars, both of which began on Wednesday. The European Commission is considering countermeasures for these tariffs, which could be announced as early as next week. Commission President Ursula von der Leyen also suggested revisiting the idea of eliminating industrial tariffs entirely in a "zero-for-zero" agreement.