In a speech at the European Parliament Plenary, European Commission President Ursula von der Leyen focused on the themes of rising protectionism, the new tariffs in the US and their effects on the EU.
Recalling that the US has announced 25 percent tariffs on imports of steel, aluminum, cars and car parts, von der Leyen stated that the next sectors facing tariffs will be semiconductors, pharmaceuticals and timber, noting that on April 2 the US will apply reciprocal tariffs on almost all goods and many countries worldwide.
Stating that the EU is open to negotiations, von der Leyen said, “We will approach these negotiations from a position of strength. Europe holds a lot of cards, from trade to technology to the size of our market. But this strength is also built on our readiness to take firm countermeasures.” Pointing out that the EU will keep diversifying trade with other partners, opening doors towards fast-growing markets across the world, von der Leyen noted Europe already has trade agreements in place with 76 countries, including recent ones with Mercosur (Argentina, Bolivia, Brazil, Paraguay and Uruguay), Mexico and Switzerland.
As SteelOrbis previously reported, the EU decided to delay the implementation of the first phase of its countermeasures to US tariffs on steel and aluminum imports to April 13, instead of April 1, to give extra time for EU-US negotiations.