The European Union will impose counter tariffs on 26 billion euros ($28.33 billion) worth of U.S. goods from next month in response to U.S. tariffs on steel and aluminium.

Axar.az reports that Ursula von der Leyen, president of the European Commission, said in a statement.

"As of this morning the United States is applying a 25% tariff on imports of steel and aluminium. We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and in the United States. The European Union must act to protect consumers and business. The countermeasures we take today are strong but proportionate. As the US are applying tariffs worth 28 billion dollars, we are responding with countermeasures worth €26 billion. This matches the economic scope of the US tariffs," she stated.

She added that countermeasures will be introduced in two steps, starting with 1 April and fully in place as of 13 April:

"In the meantime, we will always remain open to negotiation. We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs. We are ready to engage in meaningful dialogue. I have entrusted Trade Commissioner Maroš Šefčovič to resume his talks to explore better solutions with the US.”