Brussels [Belgium], March 13 (ANI): The European Commission has announced it would launch 'swift and proportionate countermeasures' on US imports into the European Union in response to the tariffs imposed by the US on EU steel and aluminium imports.'

The European Commission expressed regret over the US decision to impose US tariffs, calling them 'unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices.'

According to the statement, the EU Commission will allow the suspension of existing 2018 and 2020 countermeasures against the US to lapse on April 1. These countermeasures target various US products that respond to the economic harm done on 8 billion Euros of EU steel and aluminium exports.

In response to US tariffs affecting over EUR18 billion of EU exports, the EU Commission is putting forward new countermeasures on US exports. The new countermeasures will come into effect by mid-April, following consultation of Member States and stakeholders.

In a statement, the EU Commission stated, 'In total, the EU countermeasures could therefore apply to US goods exports worth up to EUR26 billion, matching the economic scope of the US tariffs. In the meantime, the EU remains ready to work with the US administration to find a negotiated solution. The abovementioned measures can be reversed at any time should such a solution be found.'

European Commission President Ursula von der Leyen called the trade ties between the EU and the US 'biggest in the world' and added that they have brought prosperity and security to millions of people, and trade has created millions of jobs on both sides of the Atlantic.

She stated, '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 even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and in the United States. The European Union must act to protect consumers and business.'

'The countermeasures we take today are strong but proportionate. As the US are applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion Euros. This matches the economic scope of the US tariffs. Our countermeasures will be introduced in two steps. Starting with 1 April and fully in place as of 13 April,' she added.

Ursula von der Leyen expressed the EU's willingness to hold negotiations. She said, 'In the meantime, we will always remain open to negotiation. We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs. We are ready to engage in meaningful dialogue. I have entrusted Trade Commissioner Maros Sefcovic to resume his talks to explore better solutions with the US.'

According to the statement, the process launched by the Commission in response to new US tariffs will proceed under the EU's Enforcement Regulation. As the first step in this process, a two-week stakeholder consultation will run until 26 March.

Based on the collected input, the Commission will finalise its proposal for the adoption of countermeasures, and consult Member States under the so-called comitology process. After this process is completed, the Commission aims to have the legal act imposing the countermeasures in place by mid-April.

The EU's decision comes after the US on March 10 announced that it would impose 25 per cent tariffs on imports of steel and aluminium and derivative products. The US tariffs of up to 25 per cent will apply on industrial-grade steel and aluminium, other steel and aluminium semifinished and finished products, and also their derivative commercial products (from machinery parts to knitting needles), covering up to 26 billion euros worth of EU exports to the US. (ANI)