EU to impose counter tariffs on $28 billion in US goods

The Manila Times

EU to impose counter tariffs on $28 billion in US goods  The European Union will impose counter tariffs on 26 billion euros ($28 billion) worth of US goods from next month, the European Commission said on Wednesday (March 12), ramping up a global trade war in response to blanket US tariffs on steel and aluminum.  "The counter measures we take today are strong but proportionate. As the United States are applying tariffs worth $28 billion, we are responding with counter measures worth 26 billion euros," European Commission chief Ursula von der Leyen told reporters. "The EU must act to protect its consumers and business."   EUROPEAN UNION / REUTERS VIDEO  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe   Visit our website at https://www.manilatimes.net   Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion   Subscribe to our Digital Edition - https://tmt.ph/digital   Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer  Tune In: https://tmt.ph/tunein  #TheManilaTimes #worldnews  #tarrifs  #us  #eu

Transcript

00:00As of this morning, the United States is applying a 25% tariff on imports of steel and aluminum.

00:10We deeply regret this measure.

00:13Tariffs are taxes.

00:15They are bad for business and worse for consumers.

00:20They are disrupting supply chains.

00:22They bring uncertainty for the economy.

00:26Jobs are at stake.

00:28Prices are up.

00:29Nobody needs that on both sides, neither in the European Union nor in the United States.

00:35The European Union must act to protect consumers and business.

00:41The countermeasures we take today are strong but proportionate.

00:47As the United States are applying tariffs worth $28 billion,

00:54we are responding with countermeasures worth 26 billion euros.

00:59This matches the economic scope of the tariffs of the United States.

01:04Our countermeasures will be introduced in two steps,

01:08starting with April 1st and fully in place as of April 13th.

01:14In the meantime, we will always remain open to negotiations.

01:20We firmly believe that in a world fraught with geoeconomic and political uncertainties,

01:29it is not in our common interest to burden our economies with such tariffs.

01:36First, as of April, we will automatically reinstate our current suspended rebalancing measures from 2018 and 2020,

01:45effectively targeting 4.5 billion euros worth of U.S. goods exported to us.

01:51And second, the Commission is taking decisive steps towards the package of additional countermeasures

01:58applying to 18 billion euros of U.S. exports to the EU.

02:03The objective is to counterbalance the increased trade value affected by the U.S. tariffs

02:09while minimizing the impact on European businesses and consumers.

02:15But the disruption caused by tariffs is avoidable if the U.S. administration accepts our extended hand

02:21and works with us to strike a deal.

02:24So under the President's leadership, I'm ready to negotiate and we are ready to make it happen.

02:40For more UN videos visit www.un.org

02:44And don't forget to like this video and subscribe to AllVisuals4U

02:50For more UN videos visit www.un.org

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