European Union retaliates with counter tariffs on US goods
The European Union is implementing counter tariffs in response to President Donald Trump’s tariffs on steel and aluminum.
WASHINGTON ― In a move intensifying the trade conflict with Europe, President Donald Trump announced on Wednesday that the U.S. will respond to the European Union’s new tariffs on American exports, which were revealed earlier in the day.
“Absolutely, I will respond,” Trump told the press after the EU declared new tariffs on $28 billion worth of U.S. products in retaliation for Trump’s 25% blanket tariffs that commenced on Wednesday for all aluminum and steel imports. “The EU was structured to leverage the United States.”
Trump’s warning came during a meeting in the Oval Office with Ireland’s Prime Minister Micheál Martin. The President accused Ireland, among other EU nations, of benefitting from the U.S., especially noting U.S. pharmaceutical firms that have shifted operations to Ireland.
“The Irish are intelligent. You have brilliant individuals,” Trump remarked, directing his comments to Martin. “And you attracted our pharmaceutical companies, and others, through favorable tax policies. They made it very enticing for companies to relocate there.”
Trump’s forceful approach to tariffs, including 25% duties on various goods imported from Canada and Mexico, has stirred unrest in the stock market and escalated consumer fears regarding rising prices.
While Trump did not provide specifics on which EU products may face additional tariffs, he has consistently stated that such measures are necessary to restore domestic production capabilities in critical sectors. However, during his conversation with the Irish Prime Minister, Trump repeatedly highlighted pharmaceutical imports, an area he has previously indicated he would target with tariffs.
“When the pharmaceutical companies began relocating to Ireland, I would have said, that’s fine if you want to move to Ireland, that’s fantastic,” Trump said. “But if you wish to sell anything to the United States, I will impose a 200% tariff on you. You won’t be able to sell anything in the United States. You know what they would have done? They would have remained here.”
Trump has previously suggested 25% tariffs on EU imports as part of new reciprocal tariffs, which are set to take effect on April 2, allowing the U.S. to counter any tariffs imposed by other countries on U.S. exports with equivalent tariffs.
“Whatever it entails, it doesn’t matter,” Trump reiterated on Wednesday. “If they are imposing 25%, 20%, 10%, 2%, or 200%, then we will charge them the same. I don’t understand why people are upset about that because nothing is fairer than that.”
The Pharmaceutical Research and Manufacturers of America (PhRMA), the leading lobbying organization for the pharmaceutical sector, released a statement indicating that the biopharmaceutical industry is already one of the top manufacturers in the U.S. and noted that several companies have announced intentions to establish new American manufacturing facilities.
“Implementing tariffs on medications would hinder companies’ ability to invest more in the U.S. We believe the U.S. should instead utilize trade measures to address unfair practices overseas while continuing to streamline regulations to reduce the time and cost of building in America,” remarked Megan Van Etten, vice president of public affairs for PhRMA.
Contact Joey Garrison on X @joeygarrison.
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