European Union (EU) member states have agreed to the European Commission’s suggestion for imposing retaliatory tariffs against the United States. This decision comes as a response to the U.S. tariffs on steel and aluminum imports from the EU.

• Effective Date: Duties will begin on April 15, once the implementing act is completed.
• Commission’s Statement: “The EU views U.S. tariffs as unjustified and harmful, negatively impacting both economies and the global market,” the European Commission remarked.
• Future Adjustments: The Commission also noted a preference to avoid such tariffs, indicating they could be suspended if the U.S. opts for a fair negotiation.

The introduction of heavy import tariffs by President Donald Trump recently caused both cryptocurrency and equity markets to decline significantly.