- Chancellor Scholz Declares Prompt EU Action Against Imposed US Tariffs
The U.S. is planning to slap tariffs on European steel and aluminum imports, causing quite a stir in the industry. Chancellor Scholz, the SPD chancellor candidate, has promised a swift EU response. Speaking on the sidelines of a citizen's dialogue in Ludwigsfelde, Scholz warned, "The EU can and will react quickly." The EU, being a robust economic powerhouse, possesses the means to retaliate.
However, Scholz emphasized that the goal should be to eliminate all tariffs eventually. He added, "If necessary, we can also impose our own." The EU is in constant communication with the Commission regarding this issue, but details about the response are yet to be disclosed.
President Trump had previously instated 25% tariffs on steel and aluminum imports into the U.S. He insisted that the tariffs should apply to all countries without exception. The European Steel Association views the new U.S. tariffs as a significant threat to European production.
The EU's response, according to Bernd Lange, chairman of the EU Parliament's trade committee, is scheduled for April 1 if a deal isn't reached by March 12. He warned that previous trade measures were merely suspended and could be reinstated if the U.S. imposes tariffs again. Iconic U.S. exports like bourbon, jeans, and motorcycles are potential targets.
The EU is determined to safeguard its workers, businesses, and consumers while maintaining a willingness to negotiate and find mutually beneficial solutions. EU Commission President Ursula von der Leyen has vowed to "act to safeguard its economic interests" and that "unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures."
Sources:1. European Parliament2. Reuters3. The Guardian
Germany, being a key member of the EU, will likely stand in solidarity with other European nations in response to the U.S. tariffs on steel and aluminum imports. Chancellor Scholz has assured a swift and firm EU response, emphasizing that unjustified tariffs will not go unanswered.
