In response to United States of America (US) tariffs on steel and aluminum, the European Union (EU) plans to reintroduce tariffs on key American exports, including whiskey, motorcycles, peanut butter, and boats, in April.
The European Commission asserts these countermeasures are necessary to safeguard European businesses, workers, and consumers from the impact of the US tariffs, which reach up to 25% on certain metal imports.
The European Commission has calculated that the newly imposed US tariffs will affect EU exports valued at 26 billion euros (28.3 billion US dollars).
This represents approximately five percent of the EU’s overall goods exports to the US market.
The Commission further estimates that US importers will face up to six billion euros in increased import tariff expenses.