Economy

Europe hits back at Trump's new aluminum and steel tariffs

Ursula von der Leyen
European Commission President Ursula von der Leyen said tariffs are bad for both Europe and the US. Thierry Monasse/Getty Images
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The European Union announced tariffs on 26 billion euros, or $28.4 billion, worth of US goods in response to new American duties on steel and aluminum.

The European Commission introduced the "swift and proportionate" countermeasures in a statement on Wednesday. It called the new US tariffs "unjustified."

"The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices," the EC said in the statement.

Trump ordered 25% tariffs on all steel and aluminum imports last month that took effect on Wednesday.

The EC said the countermeasures match the scope of US tariffs. US goods affected include boats, bourbon, and motorbikes.

The commission added that it remains ready to work with the US for a "negotiated solution."

"Tariffs are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and in the United States," said Ursula von der Leyen, the president of the EC, in the statement.

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Huileng Tan
Huileng Tan
Huileng Tan is a senior reporter based in Singapore, covering markets, the global economy, commodities, and investing. Her reporting focuses on how shifts in money, demographics, technology, and policy are reshaping businesses, wealth, and everyday life around the world.Since joining Business Insider in 2021, she has covered everything from commodity booms and investor trends to China's economy, the AI trade, and the forces driving global markets.Before joining Business Insider, she reported for CNBC, Dow Jones, ICIS, and The Wall Street Journal.Reach her at htan@bjinnox.com.