EU threatens Trump with counter-tariffs in steel stand-off

The European Union on Saturday spoke out against US President Donald Trump's latest tariff announcement regarding steel imports - and threatened a response before the summer.

"We strongly regret the announced increase of US tariffs on steel imports from 25% to 50%," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy.

"This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic."

The EU is ready to take countermeasures, the statement continued. This could also happen earlier than July 14.

As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date.

The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs.

This window of opportunity had been intended to be used for negotiations. The EU has repeatedly emphasized that it will introduce decisive measures against US tariffs if the talks fail.

Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry, adding that tariffs were his absolute favourite word.

Trump's administration has justified the existing steel tariffs as a measure to protect national security. He has already announced, threatened or implemented numerous other tariffs.

In addition to a new penalty tariff of 10% of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union.