European Union approves retaliatory tariffs on billions in US imports
Trump has imposed reciprocal tariffs on nearly all US trading partners
EU offers 'zero-for-zero' tariffs with US as countries 'line up' to begin negotiations
'Outnumbered' discusses European Commission President Ursula von der Leyen offering the U.S. 'zero-for-zero' tariffs on industrial goods as the markets react to President Donald Trump's global trade policies.
The European Union on Wednesday announced the approval of retaliatory tariffs on $23 billion in U.S. goods 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 begin to go into effect on April 15, though the European Commission did not immediately provide a list of affected goods. The commission also said the tariffs 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.
CHINA TO INCREASE TARIFFS ON US IMPORTS FROM 34% TO 84%
A cargo ship full of shipping containers is seen at the port of Oakland, as trade tensions escalate over U.S. tariffs, in Oakland, California, on March 6. (Reuters / Reuters Photos)
On Monday, European Commission President Ursula von der Leyen said the European Union, a 27-country bloc, 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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‘SEISMIC SHIFT’ IN TRADE CAUSING FRACTURED MESSAGING ON TRUMP TARIFFS
Trump's reciprocal tariffs have also sparked an escalating trade war with China, which announced on Wednesday that it will now tax American goods at 84%.
The escalation began last week when Trump first announced a 34% reciprocal tariff against China, which responded with a tariff of the same amount on America.
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Trump then imposed an additional 50% tariff on Beijing after China refused to lift its retaliatory tariffs. That tariff, on top of previously imposed tariffs of 20% and 34% against China, brings the total U.S. tariff on Chinese goods to 104%.
Fox News Digital's Greg Norman and Anders Hagstrom contributed to this report.