European flags fly in front of the Berlaymont building.
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On Wednesday, the European Union voted to approve its first series of reprisals to counter the prices imposed by the United States on steel and aluminum.
The European Commission, the executive branch of the block, said that the rights would begin to be collected on a first tranche of prices on American imports from April 15, with a second series of measures following May 15. According to a document project seen by CNBC in March, prices target a wide range of goods, including poultry, grains, clothes and metals. The EU did not publish a final list of affected products and refused to comment on Wednesday Wednesday.
The block of 27 countries had warned that it would act to protect European companies and consumers after US President Donald Trump imposed 25% of metal functions.
“The EU considers unjustified and harmful American prices, causing economic damage to both parties, as well as the world economy. The EU has declared its preference to find negotiated results with the United States, which would be balanced and mutually beneficial,” said the European Commission.
“These countermeasures can be suspended at any time, if the United States accepts a negotiated and balanced negotiated result,” said the CE in a press release.
The EU also faces prices of 20% on almost all its American imports, as part of Trump targeting more than 180 countries and territories, as announced by the White House chief on April 2.
The president of the European Commission, Ursula von der Leyen, at the time, said that the EU was ready to retaliate unless negotiations with the American administration succeed.
“We are ready to answer,” she said, adding that the EU was preparing for other countermeasures to protect its interests and businesses. But, Von Der Leyen also called for interviews with the United States, saying that it was “not too late to respond to concerns through negotiations”.
Maros Sefcovic, the EU Commissioner for Commercial Security and the Economy, said on Monday that US prices have an impact on 380 billion euros (420.45 billion dollars) of European exports to the United States, amounting to around 70% of total exports.
“To put it in perspective, it is more than 80 billion euros in office, a leap of eleven times compared to the 7 billion (euros) that the United States currently collects,” he added.
Countries around the world rush to formulate their response to tasks, which have triggered chaos on the world market. China – slap with a total price on its 104% goods – announced Wednesday that prices on American goods entering China would increase to 84%, going from 34% from April 10.
– Silvia Amaro de CNBC contributed to this report.
