EU delays implementing first retaliatory tariffs on U.S. goods to middle of April

The European Union will delay implementing its first set of tariffs on goods from the U.S. till the middle of April to permit for added time for discussions with Washington, an EU spokesperson instructed CNBC Thursday.

“The Fee has determined to align the timing of the 2 units of EU countermeasures towards US 232 tariffs on EU metal and aluminum,” the spokesperson instructed CNBC.

“The change represents a slight adjustment to the timeline and doesn’t diminish the influence of our response, specifically because the EU continues to put together for retaliation of up to EUR 26 billion.”

The delay “gives further time for discussions with the US administration,” EU spokesperson famous.

The EU had earlier in March indicated it could observe a two-pronged strategy of re-imposing beforehand suspended tariffs and introducing a slew of further duties on additional goods exported by the bloc to the U.S.

These embrace industrial-grade metal and aluminum, different metal and aluminum semifinished and completed merchandise, together with their by-product business merchandise, corresponding to equipment components and knitting needles.

A broad vary of different merchandise may be in line for duties, together with bourbon, agricultural merchandise and different industrial goods like textiles, leather-based goods, dwelling home equipment and extra.

“Our aim is to strike the appropriate stability of merchandise, making an allowance for the pursuits of EU producers, exporters and customers,” the EU spokesperson instructed CNBC Thursday.

The bloc had initially introduced the measures simply as U.S. President Donald Trump’s 25% tariffs on metal and aluminum imports got here into impact. The EU should “act to defend companies and customers,” European Fee President Ursula von der Leyen mentioned on the time.

The EU on the time additionally mentioned that it was increasing its personal measures past these beforehand carried out as “the brand new US tariffs are considerably broader in scope and have an effect on a considerably greater worth of European commerce.”

“The target is to make sure that the whole worth of the EU measures corresponds to the elevated worth of commerce impacted by the brand new US tariffs,” the bloc mentioned in an explainer about its plans.

— CNBC’s Holly Ellyatt contributed to this report.

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