The European Union announced Wednesday counter tariffs of 26 billion euros ($28.33 billion) on U.S. goods, "matching the economic scope" of President Trump's levies.
The big picture: Trump's 25% tariffs on all steel and aluminium imports took effect earlier on Wednesday.
Driving the news: The EU will end on April 1 the suspension of countermeasures the bloc announced during the first Trump administration, per a Wednesday statement from the European Commission.
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The big picture: Trump's 25% tariffs on all steel and aluminium imports took effect earlier on Wednesday.
Driving the news: The EU will end on April 1 the suspension of countermeasures the bloc announced during the first Trump administration, per a Wednesday statement from the European Commission.
- "These countermeasures target a range of US products that respond to the economic harm done on €8 billion of EU steel and aluminium exports," according to the statement.
- "Second, in response to new U.S. tariffs affecting more than €18 billion of EU exports, the Commission is putting forward a package of new countermeasures on US exports" that will "come into force by mid-April, following consultation of Member States and stakeholders."
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