Member nations of the European Union (EU) have given their endorsement to a proposal from the European Commission aimed at implementing retaliatory tariffs on U.S. goods.
This initiative was presented by the bloc’s governing body as a response to the U.S. tariffs on imported steel and aluminum from the EU.
The duties will take effect on April 15, following the publication of the implementing act, as announced by the Commission on Wednesday.
The Commission stated, “The EU regards the U.S. tariffs as unwarranted and harmful, adversely affecting both economies and the broader global economy.”
It was also noted that the EU would prefer to refrain from imposing tariffs, with the possibility of suspending them should the U.S. agree to a “fair and balanced negotiated resolution.”
The recent introduction of high import tariffs by President Donald Trump has led to significant declines in both cryptocurrency equities and stock markets in the past week, with BTC decreasing by approximately 8%, while the S&P 500 and Nasdaq indices fell by more than 10%.