Economic review

EU outlines plan to counter U.S. steel, aluminium tariffs

2018-03-08 00:15:00 (Beijing Time)         Xinhua


The European commissioners on Wednesday gave political endorsement to a proposal aiming to counter the possible U.S. steel and aluminium tariffs, saying the EU stands ready to react "proportionately and fully" in line with the World Trade Organisation (WTO) rules once the U.S. measures affect EU's interest.

The proposal presented by European Commission President Jean-Claude Juncker, Vice-President Jyrki Katainen and Commissioner for Trade Cecilia Malmstrom, according to a statement.

"We still hope, as a USA security partner, that the EU would be excluded. We also hope to convince the U.S. administration that this is not the right move," Malmstrom said at a press conference.

"Protectionism cannot be the answer, it never is," she added.

According to a report by the Politico Europe, the EU is ready to roll out countermeasures against U.S. exports worth 2.8 billion euros (3.48 U.S. dollars), including Levi's jeans, Harley-Davidson motorbikes and bourbon whiskeys.

U.S. President Donald Trump announced on Thursday last week that the United States is set to impose 25 percent of tariff on steel imports and 10 percent for aluminum.

Trump also tweeted on Friday that "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win".