US President Donald Trump has threatened to hike tariffs on goods from the European Union to 50 percent
AFP

The European Commission, which enforces laws created by the 27-nation European Union (EU), announced on Saturday that it "strongly regrets" President Donald Trump's decision to double steel tariffs from 25% to 50%.

The Commission lambasted Trump for adding "further uncertainty to the global economy" and for increasing "costs for consumers and businesses on both sides of the Atlantic," Reuters reported. The president has insisted companies and foreign nations will pay his ever-changing tariffs despite economists arguing the taxes, which are paid by domestic importers, typically get passed on to consumers.

"The EU is prepared to impose countermeasures, including in response to the latest U.S. tariff increase," the spokesperson continued, adding that "the tariff increase also undermines ongoing efforts to reach a negotiated solution."

The EU had not yet instated countermeasures, which were set to begin on April 15, to allow continued negotiations to take place. It warned, however, that if no "mutually acceptable solution" is reached by July 14, "both existing and additional EU measures will automatically take effect," if not sooner.

Earlier this month, Reuters reported the European Commission proposed countermeasures on up to $107.2 billion of U.S. imports if negotiations with Trump fell through.

Originally published on Latin Times

European union Donald trump