EU announces $28 billion in counter tariffs on U.S. goods

Driving the news: The EU will end on April 1 the suspension of countermeasures the bloc announced during the first Trump administration, per a Wednesday statement from the European Commission.

• "These countermeasures target a range of US products that respond to the economic harm done on €8 billion of EU steel and aluminium exports," according to the statement.
• "Second, in response to new U.S. tariffs affecting more than €18 billion of EU exports, the Commission is putting forward a package of new countermeasures on US exports" that will "come into force by mid-April, following consultation of Member States and stakeholders."

What they're saying: "Tariffs are taxes. They are bad for business, and even worse for consumers," European Commission President Ursula von der Leyen said in a statement.

• "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," she said.
• "The European Union must act to protect consumers and business. The countermeasures we take today are strong but proportionate," added von der Leyen, who emphasized the EU is "ready to engage in meaningful dialogue."

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