The Member States of the European Union (EU) have approved the European Commission’s proposal to introduce retaliation tariffs against the United States
The block executive made the proposal as a countermelted against the imposition of US tariffs on EU steel and aluminum imports.
The duties will be collected as of April 15 once the implementation law is published, the commission announced on Wednesday.
“The EU considers unjustified and harmful American tariffs, causing economic damage to both parties, as well as the global economy,” said the commission in the announcement.
The Commission added that its preference is to avoid imposing tariffs and that they could be suspended at any time if the United States “agrees a fair and balanced negotiated result.”
The presentation of President Donald Trump of the steep import rates has sent both cryptocurrency capital markets to fall in the last week. BTC has lost about 8% and both S&P 500 and Nasdaq have fallen by more than 10%.
