• The US has announced a plan to double tariffs on steel imports from 25% to 50%.
• The EU expresses strong regret over this decision and threatens retaliatory measures.
• Negotiations between the EU and US are ongoing, with a deadline set for July 14.
• European officials stress the need to protect workers, consumers, and industry amidst trade tensions.
• Impact on global steel prices and economies is expected to be significant.

The European Union has reacted strongly to the United States' announcement that it will double tariffs on imported steel from 25% to 50%. This move has sparked concerns over escalating trade tensions between the two economic powers, as it is viewed as undermining ongoing negotiations for a trade resolution, according to The Jakarta Post, Reuters, and South China Morning Post.

European Commission spokesperson Olof Gill stated that the EU "strongly regrets" this increase in tariffs, emphasizing that it escalates uncertainty in the global economy and raises costs for consumers and businesses on both sides of the Atlantic. The EU has previously suspended its own countermeasures to facilitate negotiations but is now finalizing consultations on expanded retaliatory measures, as reported by TRT Global and Anadolu Agency.

If no mutually acceptable solution is reached by July 14, existing EU countermeasures will automatically come into effect. The EU is prepared to impose tariffs targeting significant American exports, as these countermeasures are necessary to protect EU interests, according to reports from The Jakarta Post and Reuters.

The US's actions are anticipated to lead to a notable increase in steel prices globally, potentially impacting industries reliant on affordable materials. Canada and Australia have also voiced concerns regarding the implications of these tariffs, underscoring the widespread ramifications of the US trade policy, as articulated by The Jakarta Post and South China Morning Post.