The European Union has officially announced a new set of retaliatory tariffs on a range of U.S. products valued at €22 billion, following the imposition of a 25% tariff on steel, aluminum, and related products from Europe by the United States.

This decision was confirmed during a meeting of EU trade ministers in Luxembourg, marking a significant development in ongoing trade tensions between the two economic powers.

The retaliatory measures will take effect in a phased approach, with the first round of tariffs set to begin on April 15. A second round is scheduled to be implemented a month later.

EU Trade Commissioner Maroš Šefčovič emphasized the EU's commitment to negotiating with the U.S. in an effort to reduce or eliminate the current tariffs, while also stressing the need for collective action from all member states.

Notable products targeted by the EU include iconic American brands such as Harley-Davidson motorcycles and Levi's jeans, along with luxury yachts, orange juice, and peanut butter.

These measures recall earlier actions taken in response to previous tariffs imposed by the Trump administration between 2018 and 2020, which had been put on hold during a subsequent truce achieved with the Biden administration.

The EU's list of retaliatory products, initially drafted on March 13, was refined after receiving input from member states and various stakeholders, including over 660 industry representatives.

The latest list includes new categories of goods subject to additional tariffs, which are aimed at U.S. states that could be politically sensitive for the Biden administration.

Key products on the second list, totaling €18 billion, consist of items such as diamonds, eggs, nuts, dental floss, sausages, poultry, and a variety of industrial and agricultural goods.

Notably absent from the final tariff lists are alcohol products, such as bourbon and other spirits, following successful lobbying from Italy, France, and Ireland.

The U.S. had previously threatened a 200% tariff on European wines and champagne in retaliation to any EU countermeasures.

The strategy adopted by the EU seeks to minimize the economic impact on its own markets while targeting politically pivotal U.S. goods.

For example, the EU has identified products from Louisiana, Nebraska, and other Republican-leaning states that could be negatively impacted by these countermeasures, including soybeans, beef, and timber products.

Countermeasures related to additional tariffs on automobiles manufactured in Europe are anticipated to be proposed by the end of the month.

Commissioner Šefčovič indicated that the total tariffs imposed by the U.S. against the EU amount to €80 billion, affecting approximately 70% of EU exports to the United States.