ALSO READWTO chief says 'clearly concerned' over new Trump tariffs Giving tax concessions to countries does not make sense: US US: Stock Exchange tumbles post increase in price for steel, aluminium export Exclusive: EU targets $3.5 billion of U.S. imports for trade retaliation - sources EU ready to react to unfair trade measures imposed by US
The European Union (EU) is planning "a whole arsenal" of counter-measures if US President Donald Trump goes ahead with imposing new tariffs on imported steel and aluminium amid global opposition, an official said on Thursday.
"Donald Trump is wrong. All war is bad and in trade war there would be only losers ... The Commission is preparing a riposte," European Financial Affairs Commissioner Pierre Moscovici told a French television news channel.
The former French Economy Minister said that "immediate" retaliatory measures would include European tariffs on US exported oranges, tobacco and bourbon, and goods which he said were mainly produced in constituencies held by Trump's Republican party.
Europe would also take measures to limit eventual excess of imported steel and aluminium into Europe in line with World Trade Organisation (WTO) rules while filing a complaint before the WTO, he added.
Moscovici said Europe "wants to avoid escalation" but "must keep the multilateral framework" because "protectionism is never the answer: protectionism is nationalism, nationalism is war and the war only makes losers."
Trump is expected to sign the text on new duties later Thursday.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)