European markets open higher as EU imposes tariffs on US products
The European Commission has announced countermeasures in response to new US tariffs on EU steel and aluminium imports, which took effect on Wednesday. The US has imposed a 25 per cent tariff on these goods, affecting 26 billion euros worth of European exports.
In retaliation, the EU will reinstate duties on US products, including whiskey, motorbikes and boats, starting in April. A second wave of tariffs, targeting steel, textiles and agricultural goods, will follow later in the month after consultation with member states.
Commission president Ursula von der Leyen called the US tariffs “harmful” and warned they would disrupt supply chains and drive up prices. She stressed that while the EU’s response is “strong but proportionate”, Brussels remains open to negotiations. Trade commissioner Maroš Šefčovič has been tasked with resuming talks with Washington to seek a resolution.
The measures will take effect once the legal process is finalised. Von der Leyen maintained that the EU is prepared to lift them if a deal is reached.
Despite trade tensions, European stock markets opened higher, with the Stoxx 600 up 0.6 per cent and all major indices in positive territory. Sentiment was also buoyed by hopes of a Ukraine ceasefire and key corporate earnings updates.
Ursula Von der Leyen © PHOTO FREDERICK FLORIN / AFP
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