The European Union (EU) hinted at retaliation against U.S. President Donald Trump's decision to raise tariffs on foreign steel and aluminum products to 50%.
According to reports from Reuters and others on the 31st (local time), a spokesperson for the European Commission said in an email statement, "We very much regret the U.S. raising tariffs on steel imports from 25% to 50%," and emphasized, "The EU is prepared to take additional countermeasures in response to this tariff increase by the U.S."
He added, "If a mutually acceptable solution is not reached, existing and additional EU measures will automatically take effect from July 14," noting that they could take effect sooner.
On the previous day, President Trump publicly announced the tariff increase policy on steel at the U.S. Steel plant located outside Pittsburgh, Pennsylvania.
Immediately after the speech, he posted on his social media platform, Truth Social, saying, "It is a great honor to raise tariffs on steel and aluminum from 25% to 50%," adding, "This will take effect starting June 4 (Wednesday)."
Previously, Trump had imposed a 25% tariff on foreign steel and aluminum products based on Section 232 of the Trade Expansion Act since March 12.
Trump's sudden additional tariff increase is expected to cause significant repercussions in Europe. According to the EU, the European steel industry contributes approximately 80 billion euros (about 120 trillion won) to the EU's total gross domestic product (GDP) and generates more than 2.5 million jobs.
The EU considered imposing retaliatory tariffs on products worth 21 billion euros (about 33 trillion won) in response to the U.S. steel tariffs that took effect last month, but has postponed this decision for 90 days until the 14th of next month due to negotiations with the U.S.
On the 9th, in preparation for a possible negotiation failure, it warned of additional tariffs on products worth up to 95 billion euros (about 150 trillion won), including U.S. aircraft and automobiles, and began a process to collect opinions on detailed lists.