The European Union has voiced strong concern over the United States' decision to double tariffs on steel imports, warning of possible retaliatory measures unless a negotiated settlement is achieved.
In a statement on Monday, European Commission spokesperson Olof Gill said the EU "strongly regrets" Washington’s move to raise tariffs on steel from 25 percent to 50 percent, calling it a step that "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic".
"The tariff increase also undermines ongoing efforts to reach a negotiated solution," Gill said, adding that the EU had paused its own countermeasures on 14 April "in good faith" to allow space for continued negotiations with the US.
Gill confirmed that the commission is finalising consultations on an expanded set of countermeasures.
"If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July or earlier, if circumstances require," he warned.
"The commission has been clear about its readiness to act in defence of EU interests, protecting our workers, consumers and industry," he added.
The US is expected to implement the new tariff rates on 4 June, doubling existing duties on steel and aluminium imports from the EU to 50 percent.
