Economy category powered by

EU Commission proposes 25% counter-tariffs on some US imports, document shows

The European Commission proposed counter-tariffs of 25% on a range of US goods in response to President Donald Trump's tariffs on steel and aluminium, a document seen by Reuters showed.

The tariffs on some goods will take effect 16 May and others later in the year, on 1 December, the document said.

The goods are wide-ranging and include diamonds, eggs, dental floss, sausages and poultry. The counter-tariffs on almonds and soybeans will take effect on 1 December.

EU trade chief Maros Sefcovic said earlier on Monday, 7 April that the counter-tariffs would have less impact than the previously announced €26 billion ($28.45 billion).

Bourbon, wine and dairy have been removed from the original list the Commission was weighing in March.

The Commission had earmarked a 50% tariff on bourbon, which had prompted Trump to threaten a 200% counter-tariff on EU alcoholic drinks if the bloc went ahead.

Trump's threat worried France and Italy in particular owing to their significant wine industries.

In addition to these counter-tariffs, the EU already tightened existing safeguards on steel on April 1 to reduce imports by 15%. The Commission is also looking at import quotas for aluminium.

EU member states are due to vote on this proposal on 9 April.

(Source: Reuters)

Read More

Cyprus and India stock exchange officials agree to enhance cooperation
Narendra Modi reveals five-year roadmap to boost Cyprus-India defence and security cooperation (pics)
Alexandros Josephides warns of oil crisis in event of Hormuz Strait closure
Energy Ministry urges fuel companies to act responsibly amid price hikes
Evgenios Evgeniou: "Cyprus is emerging as the eastern gateway for investors seeking access to the European market"
Stavros Stavrou: Cyprus and India united by a shared history of values
Cyprus' investment relations with India enter another dimension
Marios Tannousis: Investopia Global Mediterranean Forum highlighted Cyprus' role in the region's investment events
Εnergy Minister attending Raisina Mediterranean 2025 Conference in Marseille
Cyprus adopts new VAT rules for SMEs to align with EU directive