EC responds to U.S tariffs with countermeasures worth EUR 26B

European Commission, EC, President von der Leyen said, “The trade relations between the European Union and the United States are the biggest in the world. They have brought prosperity and security to millions of people. And trade has created millions of good jobs on both sides of the Atlantic. As of this morning, the United States is applying a 25% tariff on imports of steel and aluminium. We deeply regret this measure. Tariffs are taxes. They are bad for business, and worse for consumers. They are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. Nobody needs that – on both sides, neither in the European Union nor in the United States. The European Union must act to protect consumers and business. The European Union must act to protect consumers and business. The countermeasures we take today are strong but proportionate. As the United States are applying tariffs worth USD 28 billion, we are responding with countermeasures worth EUR 26 billion. This matches the economic scope of the tariffs from the United States.” The countermeasures are in response to the U.S. tariffs on steel and aluminum. Publicly traded companies in the steel and aluminum space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X).