Europe's retaliatory tariffs against the US

According to Axios, the EU has announced tariffs worth €26 billion ($28.33 billion) on US goods in retaliation.

The retaliatory measures come after Donald Trump imposed 25% tariffs on steel and aluminium imports from all countries, including Europe, to the US.

According to a statement from the European Commission on Wednesday, the suspension of tariffs on the US imposed during the first Trump administration will be lifted from April 1 of this year.

According to the statement, "The EU's retaliatory measures target a range of US products to respond to the €8 billion in economic damage caused by the bloc's steel and aluminium exports."

The European Commission is also said to be proposing a new package of tariffs on US exports in response to Washington’s new tariffs on more than 18 billion euros of EU exports, which will take effect by mid-April.

“Tariffs are taxes. They are bad for business and even worse for consumers,” the European Commission president said in a statement today.

“These tariffs disrupt supply chains. They create uncertainty for the economy. Jobs are at risk. Prices will rise in Europe and the US,” she added.

“The EU must act to protect consumers and businesses. The countermeasures we are taking today are strong but proportionate to the tariffs,” von der Leyen concluded, stressing the EU’s readiness to engage in meaningful negotiations.