The European Union approved retaliatory tariffs on €21 billion ($23.2 billion) of American goods in response to President Donald Trump's recent 25% duties on European steel and aluminum exports. The countermeasures, backed by a majority of EU member states on Wednesday, will begin taking effect in mid-April.
Steel exports to US by country. Source: Bloomberg L.P.
The targeted products include soybeans from Louisiana—home state of House Speaker Mike Johnson—along with diamonds, agricultural products, poultry and motorcycles. Most items will face 25% tariffs, with implementation occurring in three phases between April and December.
This action intensifies the growing transatlantic trade dispute, as the US has already imposed a universal 20% tariff on nearly all European exports and a separate 25% duty on cars and auto parts. Trump has indicated plans for additional tariffs on lumber, semiconductor chips and pharmaceuticals.
EU Trade Chief Maros Sefcovic has engaged with American counterparts, though talks have yielded little progress. The European Commission stated the countermeasures "can be suspended at any time should the US agree to a fair and balanced negotiated outcome."
The Commission is also preparing additional responses to the "reciprocal tariffs" that took effect Wednesday, with plans for announcement next week. The dispute threatens to significantly reduce euro-area economic growth forecasted for this year and next.
EURUSD (D1)
EURUSD is approaching recent high. RSI is in bullish divergence with higher lows, while MACD widens after bullish crossover. Source: xStation
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