EU Member States Approve Retaliatory Tariffs for US Steel, Aluminum Duties
EU member states this week voted in favor of the European Commission's proposal to impose counter-tariffs in response to recent U.S. tariffs on steel and aluminum.
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The duties will come into effect "once the Commission's internal procedures are concluded," the European Commission said in a press release, adding that the EU will start collecting duties April 15 (see 2503120042).
The EU said that it considers U.S. tariffs "unjustified and damaging," and that it has a "clear preference" to negotiate with the U.S. "These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome."
The EU didn't outline what goods will be subject to tariffs, though they reportedly will include diamonds, dental floss, sausages, nuts and soybeans, and cover less than $26 billion dollars of U.S. goods (see 2504070059).
The Distilled Spirit Council of the U.S. noted that the upcoming tariffs don't appear to be targeted at American alcohol. "This would be great news, and a huge sigh of relief for anxious distillers across the country who were staring down a potential 50% tariff on American Whiskey within just a matter of days," said Chris Swonger, council president.