EU to impose counter tariffs on over US$28b of US goods

The European Union will impose counter tariffs on 26 billion euros (US$28.33 billion) worth of US goods from next month in response to US tariffs on steel and aluminium, the European Commission said in a statement on Wednesday.

The commission said it will end the current suspension of tariffs on US products on April 1 and will also put forward a new package of countermeasures on US goods by mid-April.

"This matches the economic scope of the US tariffs. Our countermeasures will be introduced in two steps. Starting with 1 April and fully in place as of 13 April," Ursula von der Leyen, president of the European Commission, said in a statement.

"We are ready to engage in meaningful dialogue. I have entrusted Trade Commissioner Maros Sefcovic to resume his talks to explore better solutions with the US," von der Leyen added.

US President Donald Trump's increased tariffs of 25 percent on steel and aluminium imports took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired.