European Commission President Ursula Von Der Leyen has vowed EU retaliation in response to US President Donald Trump’s decision to impose 25% tariffs on EU steel and aluminium exports.
In an statement today, Von Der Leyen said she “deeply regrets” the US decision.
“Tariffs are taxes – bad for business, worse for consumers,” she said.
She added that Trump’s move “will not go unanswered”, vowing “countermeasures” from Europe.
“Unjustified tariffs on the EU will not go unanswered – they will trigger firm and proportionate countermeasures,” she said.
“The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers.”
Meanwhile, Canadian Prime Minister Justin Trudeau made similar comments, pledging to “stand up for” Canadian workers and businesses, as Canada will also be included in the US tariffs.
President Trump has announced a 25% tariff on all steel and aluminium imports into the US, removing previous exemptions for American allies such as Canada and the EU – a process which he says is a matter of “simplifying” regulations that aims to strengthen domestic US production. The measures are set to take effect from March 12th.
“This is a big deal, the beginning of making America rich again,” he said, adding: “Our nation needs steel and aluminium to be produced in America, not overseas.”
Notably, the US is the world’s largest steel importer, and Canada alone provided over 50% of aluminium imports into the US last year.
This has raised concerns that the tariffs may increase costs for businesses and consumers within the US, making it more expensive to produce goods which use steel and aluminium. Some industry groups, including tech lobby group Information Technology Industry Council (ITIC), have warned that the move could lead to “harms” for “US consumers, workers, manufacturers, and exporters”.
Asked if he was concerned about this, Trump said that “ultimately”, goods would be cheaper because of his policies, because manufacturing would be relocated back to the US homeland.
“It’s time for our great industries to come back to America,” he said, adding that “this is the first of many.”
He suggested he may also tariff pharmaceutical goods and and computer chips in future, which would have wide-ranging implications for Ireland and the Irish economy.
In January of 2024, pharmaceuticals comprised 48% of Ireland’s total exports.