European Union approves retaliatory tariffs on billions in US imports

The European Union on Wednesday announced the approval of retaliatory tariffs on billions of dollars in U.S. imports as "countermeasures" against President Donald Trump's tariffs.

"The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy," the European Commission said in a statement. "The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial."

The tariffs will go into effect on April 15, though the European Commission said they can be suspended at any time, "should the US agree to a fair and balanced negotiated outcome."

The move comes after Trump announced fresh 20% tariffs on EU imports last week.

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On Monday, European Commission President Ursula von der Leyen said the European Union is "ready to negotiate" with Trump over tariffs, noting that "we have offered zero-for-zero tariffs for industrial goods." 

Von der Leyen also said "in parallel we are preparing a potential list for retaliation and other measures for retaliation if this is necessary," though "we prefer to have a negotiated solution." 

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