The European Union approved retaliatory tariffs against the United States in an escalation of President Donald Trump’s trade war.
The EU was hit with 20% tariffs after Trump enacted so-called “reciprocal tariffs” on nearly every country, sending stock markets around the globe into a panic. The EU said Wednesday that the coalition approved 25% tariffs against the U.S. that will go into effect April 15.
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“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 statement continued.
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