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00:00Good morning. The trade relations between the European Union and the United States are
00:08the biggest in the world. They have brought prosperity and security to millions of people
00:15and trade has created millions of good jobs on both sides of the Atlantic.
00:22As of this morning the United States is applying a 25% tariff on imports of steel and aluminum.
00:32We deeply regret this measure. Tariffs are taxes. They are bad for business and worse
00:40for consumers. They are disrupting supply chains. They bring uncertainty for the economy.
00:48Tariffs are at stake, prices up. Nobody needs that on both sides, neither in the European
00:54Union nor in the United States.
00:58The European Union must act to protect consumers and business. The countermeasures we take
01:06today are strong but proportionate. As the United States are applying tariffs worth $28
01:15billion, we are responding with countermeasures worth 26 billion euros. This matches the economic
01:24scope of the tariffs of the United States.
01:29Our countermeasures will be introduced in two steps, starting with April 1st and fully
01:35in place as of April 13th. In the meantime, we will always remain open to negotiations.
01:44We firmly believe that in a world fraught with geoeconomic and political uncertainties,
01:53it is not in our common interest to burden our economies with such tariffs.
02:00We are ready to engage in a meaningful dialogue. I have entrusted Trade Commissioner Marosevkovic
02:07to resume his talks to explore better solutions with the United States.