31 March | Euro

German chancellor says EU ready to retaliate against US tariffs if needed

German chancellor says EU ready to retaliate against US tariffs if needed

German Chancellor Olaf Scholz says the European Union is ready to retaliate against tariffs proposed by US President Donald Trump. The latter include a 25% tax on auto imports, which is set to go into effect next week.

As Scholz noted, the EU is always open to compromise and cooperation with the United States. But unless the US offers other options, the bloc will be forced to impose reciprocal tariffs. Other European leaders, including Italy's prime minister and the president of the European Commission, expressed hope for a reasonable resolution of the trade dispute through negotiations.

Meanwhile, the region is already preparing countermeasures to US duties on steel and aluminum, which it has promised to impose in April.

According to The Times of India, Germany will be particularly hard hit by Trump's new tariffs as the country is home to the region's largest automakers.

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