EU ‘strongly regrets’ Donald Trump's decision to double steel tariffs, warns of retaliatory measures

The European Commission announced its plans to retaliate against President Donald Trump's plan to double tariffs on imported steel and aluminium, reported Reuters.

The EU said it “strongly regrets” Trump's plan to raise tariffs, and it"undermines ongoing efforts to reach a negotiated solution."

"This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," the report quoted an EU spokesperson, adding that “the (EU) is prepared to impose countermeasures.”

US steel tariff hike

On Friday, Trump announced at a rally in Pennsylvania that the US would double steel tariffs from 25% to 50% from Wednesday onwards while promoting the partnership between Japan's Nippon Steel and US Steel.

Taking to his Truth Social account, Trump later wrote, “It is my great honour to raise the Tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!”

He further claimed the latest tariff hike would benefit the US Steel and Nippon Steel partnership, which aims to create 70,000 jobs and inject $14 billion into the US economy.

“I believe that this group of people that just made this investments right now are very happy, because that means that nobody’s going to be able to steal your industry,” Trump said. “It’s at 25%, they can sort of get over that fence, at 50%, they can no longer get over the fence," Trump said, who recently approved the US Steel and Nippon Steel partnership.

US- EU negotiations

On Tuesday, May 27, Trump asserted that the 50% tariff threat on the European Union has led EU officials to restart trade negotiations that had previously stalled with the US.

“I was extremely satisfied with the 50% Tariff allotment on the European Union, especially since they were “slow walking (to put it mildly!), our negotiations with them. Remember, I am empowered to “SET A DEAL” for Trade into the United States if we are unable to make a deal, or are treated unfairly,” Trump wrote on Truth Social.

“I have just been informed that the E.U. has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!” he added.