00:00As of this morning, the United States is applying a 25% tariff on imports of steel and aluminum.
00:10We deeply regret this measure.
00:13Tariffs are taxes.
00:15They are bad for business and worse for consumers.
00:20They are disrupting supply chains.
00:22They bring uncertainty for the economy.
00:26Jobs are at stake.
00:28Prices are up.
00:29Nobody needs that on both sides, neither in the European Union nor in the United States.
00:35The European Union must act to protect consumers and business.
00:41The countermeasures we take today are strong but proportionate.
00:47As the United States are applying tariffs worth $28 billion,
00:54we are responding with countermeasures worth 26 billion euros.
00:59This matches the economic scope of the tariffs of the United States.
01:04Our countermeasures will be introduced in two steps,
01:08starting with April 1st and fully in place as of April 13th.
01:14In the meantime, we will always remain open to negotiations.
01:20We firmly believe that in a world fraught with geoeconomic and political uncertainties,
01:29it is not in our common interest to burden our economies with such tariffs.
01:36First, as of April, we will automatically reinstate our current suspended rebalancing measures from 2018 and 2020,
01:45effectively targeting 4.5 billion euros worth of U.S. goods exported to us.
01:51And second, the Commission is taking decisive steps towards the package of additional countermeasures
01:58applying to 18 billion euros of U.S. exports to the EU.
02:03The objective is to counterbalance the increased trade value affected by the U.S. tariffs
02:09while minimizing the impact on European businesses and consumers.
02:15But the disruption caused by tariffs is avoidable if the U.S. administration accepts our extended hand
02:21and works with us to strike a deal.
02:24So under the President's leadership, I'm ready to negotiate and we are ready to make it happen.
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