On May 31 local time, the European Commission expressed regret in a statement regarding the United States’ announcement of increased tariffs on imported steel and aluminum, stating that the EU is prepared to take countermeasures. The statement emphasized that the European Commission is currently conducting final consultations on expanding these countermeasures. If a mutually acceptable solution is not reached, the EU’s existing and additional measures will automatically take effect on July 14, or earlier if necessary.
According to a May 31 report from CCTV News, the European Commission’s statement noted that the US government’s decision further adds uncertainty to the global economy and that raising tariffs undermines ongoing efforts to resolve issues through negotiation. The statement reiterated that the European Commission is in the final stages of consultations on expanding countermeasures. Should no mutually acceptable solution be achieved, the EU’s current and supplementary measures will automatically on July 14, or be implemented earlier as needed. Bernd Lange, Chair of the European Parliament’s International Trade Committee, stated that the EU consistently advocates for resolving trade disputes through negotiation but will not shy away from retaliatory measures when necessary. Recently, Lange led a European Parliament trade delegation to Washington, where they engaged with several US congress members and government officials. On May 30 local time, US President Trump announced at a rally in Pennsylvania that he would increase tariffs on imported steel from 25% to 50% to protect the domestic steel industry. He mentioned that foreign companies have been able to cope with the current 25% steel tariff to some extent but will struggle once it rises to 50%. Subsequently, Trump posted on social media that this decision would take effect from June 4. On February 10, Trump signed an executive order imposing a 25% tariff on all steel and aluminum imported into the US. The measure officially took effect on March 12 local time. This policy has drawn criticism and retaliation from trade partners such as Canada and the EU. According to data from the US International Trade Commission, the US imported steel and aluminum products worth $147.3 billion in 2024, with Canada and Mexico being among the primary sources. EU: Prospects for EU-US Trade Negotiations Face Uncertainty On May 30 local time, European Commission Executive Vice President Maroš Šefčovič, responsible for trade and economic security, held a phone conversation with US Commerce Secretary Gina Raimondo.Šefčovič emphasized that both parties should continue to advance cooperation and strive to find forward-looking solutions to alleviate current trade tensions. On the 25th local time, U.S. President Trump stated that the European Union requested an extension of the tariff negotiation deadline to July 9, which he has agreed to. Trump described the talks with the EU on tariffs as “very pleasant.” He noted that European Commission President von der Leyen stated during a call that day, “We will quickly engage to see if an agreement can be reached.
” In response, Trump said, “I agreed to her request for an extension.” Earlier that day, von der Leyen posted on social platform X that the call with Trump was “good” and expressed the EU’s readiness to accelerate trade negotiations with the U.S., though more time is needed to reach a deal. This extension indicates that both sides still hope to preserve room for negotiation to avoid an escalation of trade tensions. The total trade in goods and services between the EU and the U.S. exceeds $1.1 trillion, widely regarded as one of the most important economic partnerships globally. Currently, EU-U.S. trade negotiations are at a critical stage, with both sides striving to reach an agreement by July 9. On May 30 local time, European Commission Executive Vice President Dombrovskis stated that against the backdrop of increasingly complex global conditions, the EU remains committed to an open strategy. Dombrovskis emphasized that the EU is consistently dedicated to finding negotiated solutions with the U.S. However, the prospects for EU-U.S. trade negotiations still face numerous uncertainties. According to a May 30 report by Canadian media cited by Xinhua, Canadian industry strongly opposes U.S. President Trump’s plan to double steel and aluminum tariffs. Canadian Labour Congress President Bea Bruske stated that the U.S. government’s plan is another direct attack on Canadian workers, and its reckless actions will impact the Canadian economy. Bruske said, “This decision by Trump will completely distance us from the U. S. market, bring a devastating crisis to Canada’s steel and aluminum industries, and threaten the jobs of tens of thousands of Canadian workers.” Bruske called on the Canadian government to take immediate action to protect workers, including implementing emergency reforms related to employment insurance and wage subsidies. Canadian Chamber of Commerce President and CEO Perrin Beatty stated in a declaration that disrupting cross-border steel and aluminum supply chains would incur significant losses for both Canada and the U. S., and doubling steel and aluminum tariffs to 50% runs counter to North American economic security. Source: National Business Daily, original title: “Trump Doubles Tariffs, EU Expresses Regret and Prepares to Counter the U.S.!” Risk Warning and Disclaimer: The market carries risks, and investment requires caution.This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article suit their particular circumstances. Investing based on this content is at one’s own responsibility.
