EU estimates nearly US$30 billion losses from Trump's steel and aluminium tariffs
www.pravda.com.ua
Sat, 22 Feb 2025 16:23:54 +0200
The European Union estimated that the first wave of tariffs on steel and aluminium imposed by US President Donald Trump will result in a hit to EU exports worth up to 28 billion approx.
US29.3 billion.
Source Bloomberg, as reported by European Pravda Details Maro efovi, European Commissioner for Trade and Economic Security, presented the EUs estimated losses from Trumps tariffs during a meeting with EU ambassadors on Friday, 21 February.
This followed a visit to Washington, where efovi sought to establish contact with US partners in order to minimise the impact of the tariffs on the European economy.
The European Commissions assessment indicated that the new US tariffs could potentially affect four times as many goods as during Trumps first term.
However, the situation is in flux and the scope of tariffs may still change.
Background Donald Trump previously announced plans to impose tariffs of 25 on steel and aluminium exports to the US, which could come into effect on 12 March.
Even before receiving official notification regarding the imposition of additional tariffs on EU goods, the European Commission called Trumps decision as unlawful and economically counterproductive.
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