EU, China Hike Tariffs in Trade War Response

The European Union said it is implementing retaliatory tariffs on $20.9 billion worth of U.S. goods in three phases in response to President Donald Trump’s steel and aluminum import taxes. The EU’s delayed response is due to the need for unanimous approval from its 27 member states. However, the EU stated that the tariffs could be suspended if the U.S. agrees to fair trade negotiations. The specific goods targeted will be announced soon. Similarly, China said it is increasing tariffs on U.S. goods from 34% to 84% starting April 10 in retaliation for U.S. tariff increases. China argues the U.S. actions are damaging to international trade and its own interests and maintains that trade between the two countries was balanced before the U.S. imposed a 104% tariff on Chinese exports.