E.U. Leaders Slam Trump’s Tariffs, Threaten Retaliation in Economic War
In a strongly worded statement, European Union leaders have condemned the latest tariffs imposed by the United States on steel and aluminum imports, threatening to retaliate with their own trade restrictions.
The E.U. leaders, including German Chancellor Angela Merkel, French President Emmanuel Macron, and European Commission President Jean-Claude Juncker, expressed their deep disappointment and frustration at the decision, which they believe is unjustified and harmful to the global economy.
"We regret that the United States has decided to impose tariffs on steel and aluminum imports from the European Union, despite our repeated efforts to find a solution through dialogue and cooperation," said Juncker. "These tariffs are not only illegal but also harmful to the global economy and will lead to job losses and economic instability."
The E.U. leaders have announced that they will retaliate with their own tariffs on American goods, including bourbon whiskey, motorcycles, and blue jeans. The tariffs, which will take effect on June 22, are expected to target over $3 billion worth of American exports.
"This is not a game, and we will not be bullied or intimidated by the United States," said Merkel. "We will take all necessary measures to protect our industries and our workers, and we will not hesitate to retaliate if necessary."
The E.U. leaders have also called on the United States to reconsider its decision and engage in constructive dialogue to find a solution that benefits both sides.
"We are willing to work with the United States to find a solution that addresses their concerns about overcapacity in the global steel market, but we cannot accept tariffs that are unjustified and harmful to our industries and workers," said Macron.
The tensions between the E.U. and the United States come as the global economy is already facing significant challenges, including rising trade tensions and uncertainty over the impact of Brexit.
The E.U. leaders have also called on other countries to join them in opposing the U.S. tariffs and to work together to promote free and fair trade.
"We believe that trade should be based on mutual respect, cooperation, and the rules-based international order," said Juncker. "We will not be swayed by protectionist rhetoric and we will continue to work with our international partners to promote free and fair trade."
The decision by the E.U. leaders to retaliate against the U.S. tariffs is likely to escalate the trade tensions between the two sides, and could have significant implications for the global economy.
Background
The U.S. tariffs on steel and aluminum imports were imposed on March 23, citing national security concerns. The tariffs, which apply to imports from all countries except Canada and Mexico, are expected to raise $7.7 billion in revenue for the U.S. government.
The E.U. leaders have argued that the tariffs are unjustified and harmful to their industries and workers, and have called on the United States to reconsider its decision.
The tensions between the E.U. and the United States come as the global economy is already facing significant challenges, including rising trade tensions and uncertainty over the impact of Brexit.
Reactions
The decision by the E.U. leaders to retaliate against the U.S. tariffs has been welcomed by many in the business community, who have expressed concerns about the impact of the tariffs on their industries and workers.
"This is a welcome move by the E.U. leaders, who have shown that they will not be bullied or intimidated by the United States," said Jürgen Rüttgers, the CEO of the German Steel Federation. "We hope that this will be the start of a new era of cooperation and dialogue between the E.U. and the United States."
However, the decision has also been criticized by some, who argue that it will lead to a trade war and harm the global economy.
"This is a short-sighted and misguided decision that will only lead to a trade war and harm the global economy," said Peter Navarro, the Director of the White House National Trade Council. "We urge the E.U. leaders to reconsider their decision and work with us to find a solution that benefits both sides."