The European Commission (EC) has announced that the decision of the European Union (EU) to impose additional customs duties on certain US products will come into effect on Friday, June 22.The measures will immediately target a list of products worth €2.8 billion.
According to the commission’s statement, the list of US imports that will now face an extra duty at the EU border includes steel and aluminum products, agricultural goods and a combination of various other products and by putting these duties in place the EU is exercising its rights under the World Trade Organization (WTO) rules.
"We did not want to be in this position. However, the unilateral and unjustified decision of the US to impose steel and aluminum tariffs on the EU means that we are left with no other choice. The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules. Needless to say, if the US removes its tariffs, our measures will also be removed," stated Cecilia Malmström, EU Commissioner for Trade.
The EU will rebalance bilateral trade with the US taking as a basis the value of its steel and aluminum exports affected by the US measures, which worth €6.4 billion. Of this amount, the EU will rebalance on €2.8 billion worth of exports immediately. The remaining rebalancing on trade valued at €3.6 billion will take place at a later stage - in three years' time or after a positive finding in WTO dispute settlement if that should come sooner.