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Brussels 1. – The European Union (EU) responded quickly to the American 25 percent tariffs on steel and aluminum imports to the USA, will take retaliatory actions but seeks to avoid escalation. This was stated on Wednesday by the EU Commissioner for Trade and Economic Security, Maroš Šefčovič, in an exclusive interview for Slovak media in Brussels, reports TASR correspondent.
On Wednesday morning, Šefčovič, along with the President of the European Commission (EC), Ursula von der Leyen, announced at the European Parliament in Strasbourg that the EU will implement “countermeasures” on American goods valued at 26 billion euros from April 1st.
The Slovak Commissioner emphasized his regret that the situation has come to this, as during his February visit to Washington, he did everything to prevent it. He added that Von der Leyen has tasked him with seeking solutions to this situation.
“We are the largest trade partners with the largest trade exchange, but we had to respond to these tariffs, which are unjustified and unwarranted,” he explained. According to him, the activation of clause 232 is unnecessary, as it speaks of national security protection, while the EU cannot imagine what threat its member countries pose to their greatest ally. Instead, both parties should focus on how to address the global overcapacity of steel and aluminum.
He specified that the EU’s retaliatory response of 26 billion euros will be implemented in two stages. The European Commission has already presented the additional list of affected goods to member countries, and after two weeks of consultations with them, the approval of the list is expected. These measures will come into effect within one month.
According to Šefčovič, Brussels is not waiting on anything, which is why he has already contacted the US Secretary of Commerce, Howard Lutnick, to start negotiations and avoid a “painful stage” of measures and countermeasures, resulting in suffering for citizens and businesses on both sides of the Atlantic.
“Jobs are at risk. It can be said that given the enormous mutual trade, which represents 40 percent of the entire world’s trade exchange, it disrupts global trade stability and supply chains built over decades,” he said.
Šefčovič recalled that the EC reacted quickly. Just an hour after the entry of the American tariffs, it indicated its retaliatory measures, which was necessary also for the United States to start taking the EU seriously as a strong trade partner.
“We are well prepared for both stages of retaliatory measures, but we do this reluctantly. We know it does not benefit the economic development of either side. It causes great nervousness in financial markets, which we observe in the USA, but also among regular entrepreneurs who today do not know how to prepare their business plans,” he explained.
He added that he is now awaiting a response from the American side to his offer to negotiate and prevent the risk of a trade war, while the EU wants to speak fairly, as partners, about tariff reciprocity.
“European companies create millions of jobs in America, the EU is the largest trading partner and investor in the USA, and Americans are significant investors in the EU. We expect respect and a fair approach,” Šefčovič described the situation (March 12).