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

European Commission President Ursula von der Leyen

The European Union will impose counter tariffs on 26 billion euros ($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 March 12.

EU remains ready to work with the US administration to find a negotiated solution, said the statement.

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 U.S. 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 on steel and aluminum imports took effect on Wednesday (March 12) as prior exemptions, duty free quotas and product exclusions expired, as his campaign to reorder global trade norms in favor of the US stepped up.