'A bad day for world trade': EU retaliates to Trump's tariffs

Fears of trade war resurface

clock • 3 min read

The European Union (EU) has retaliated to US President Donald Trump extending tariffs on steel and aluminium to the bloc, confirming it is launching a dispute settlement case and adding further taxes to US imports.

Trump's tariffs, which will comprise 25% on steel and 10% on aluminium, were enacted at midnight (1 June) and hit EU exports valued at €6.4bn in 2017, as well as Canada and Mexico, after talks failed. French President Emmanuel Macron is believed to have told Trump the move is "illegal" and that the EU would react "in a firm and proportionate manner". In response, the European Commission has confirmed it would be triggering a dispute settlement case at the World Trade Organisation and will impose "rebalancing measures and take any necessary steps to protect the EU market from trade div...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Trump's presidency and tariffs: Advice industry shares views

Trump's presidency and tariffs: Advice industry shares views

‘Stark raving mad’ but ‘great’ for US firms

Isabel Baxter
clock 18 February 2025 • 4 min read
Five-fold surge in advisers buying gilts for clients in 2024

Five-fold surge in advisers buying gilts for clients in 2024

AJ Bell finds 436% increase in gilt purchases on its Investcentre

Isabel Baxter
clock 10 February 2025 • 1 min read
Bank of England cuts interest rates by 25bps to lowest level in 18 months

Bank of England cuts interest rates by 25bps to lowest level in 18 months

First MPC meeting of the year

Sorin Dojan
clock 06 February 2025 • 3 min read