EU hits back with tariffs on American goods, Hungary dissenting
The European Union has decided to impose up to 25 per cent tariffs on American goods in retaliation for the tariffs the United States imposed on steel and aluminium. This measure was supported by 26 member states, with only Hungary opposing it.
- Decision to impose retaliatory tariffs: The European Union implemented tariffs on American goods valued at approximately £20 billion. These tariffs are in response to the US tariffs on steel and aluminium.
- Hungary opposes: Hungary was the only EU member country that opposed this decision. Hungary's Foreign Minister, Peter Szijjarto, announced this on the X platform.
- Tariff implementation date: Some of the new rates, reaching up to 25 per cent, will take effect in mid-April.
According to an EU source on Wednesday, the European Union's decision to impose tariffs on the United States in retaliation for the steel and aluminium tariffs was supported by all member countries except one. Hungary was against it.
A vote against imposing retaliatory tariffs on the USA was announced on the X platform by Hungarian Foreign Minister Peter Szijjarto just before the vote.
"EU considers US tariffs unjustified and harmful"
The European Commission, which is responsible for trade policy in the EU, proposed the list of goods on Monday. On Wednesday, member countries approved it by vote.
In a statement, the European Commission stressed that the retaliatory tariffs can "be suspended at any moment if the USA agrees to a fair and balanced outcome of negotiations".
"The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial," stated the European Commission.
The document with the list of goods is 67 pages long. The list, which was voted on by the member states, includes agricultural products such as poultry, fruit, nuts, and soy. It also includes motorcycles and yachts. The list does not include whiskey due to concerns, including from European wine-producing countries, about US retaliation against European alcohol.
This is the EU's response to tariffs on steel and aluminium
The approved EU tariffs are a response to the increased tariffs, up to 25 per cent, on steel and aluminium imported into the USA as of 12 March. The EU tariffs will be implemented gradually, starting in mid-April. The second part will come into force on 16 May, and the EU tariffs on some goods, such as soy and nuts, will be raised on 1 December.
According to the announcements, the EU tariffs will cover American goods, whose import in 2024 totalled approximately £20 billion. Meanwhile, the value of steel and aluminium from the EU to the USA was approximately £23 billion.
However, the EU has not yet responded to the so-called mutual tariffs, which have been in effect since Wednesday. The United States imposed them on its trading partners, who have a trade surplus with the USA; the rate is 20 per cent for EU goods.
