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According to the European Union, the first wave of tariffs imposed by former U.S. President Donald Trump on steel and aluminum could hit EU exports by up to €28 billion ($29.3 billion).
Bloomberg reports this information.
European Trade Commissioner Maroš Šefčovič presented the EU’s damage assessment from Trump’s tariffs during a meeting with EU ambassadors on Friday.
This followed his visit to Washington, where Šefčovič sought to engage with American partners to minimize the tariffs’ impact on the European economy.
According to the European Commission, the new U.S. tariffs could apply to four times as many goods as during Trump’s first term. However, the situation remains fluid, and the scope of tariffs may still change.
Donald Trump previously announced his intention to impose a 25% tariff on steel and aluminum exports to the U.S., which could take effect as soon as March 12.
Even before the official announcement, the European Commission called Trump’s decision “illegal and counterproductive.”
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