The European Union imposes duties on the list of U.S. goods, totaling 2.8 billion from June 22.

The European Commission approved the resolution on imposing additional 25% duties on U.S. import.

“Today, the European Commission approved the imposition of balance measures in response to U.S. steel and aluminum tariffs. These measures will be immediately targeted at the list of goods, totaling 2.8 billion euros and will come into force on Friday, June 22”, the message says.

The list of U.S. import goods, which will now face additional duty while crossing EU borders, includes the steel and aluminum products, agricultural goods and the combination of different other products. Applying these obligations, EU executes its rights in accordance with the rules of World Trade Organizations.

“We did not want to be in this position. However, the unilateral and unreasoned decision of U.S. to impose steel and aluminum tariffs signifies that we have no other choice. The international trade, which we developed during many years, jointly with our U.S. partners, cannot be violated without the response on our part. Our reply is commensurate, proportional and fully complies with WTO rules. Of course, if U.S. cancels its tariffs, our measures will also be cancelled”, European Commissioner for Trade Cecilia Malmström

EU is rebalancing the bilateral trade with U.S., based on the cost of steel and aluminum export, on which U.S. measures influence. They are 6.4 bln euros. Out of this amount, EU immediately rebalances the export, totaling 2.8 billion euros. The remaining rebalancing in trade for 3.6 bln euros will be at later stage – in three years or after the positive conclusion in WTO dispute resolution, if it happens earlier.

It should be reminded that in late March, U.S. imposed steel (25%) and aluminum (10%) tariffs. The other day, Trump announced about the imposition of duties on Chinese goods, totaling 50 billion dollars.