EU will react firmly to U.S. trade restrictions

The European Union will react firmly and commensurately to defend its interests with regard to imposition of additional import duties on EU exports of steel and aluminum to the United States, President of the European Commission Jean-Claude Juncker said Thursday in a statement.

Earlier in the day, U.S. President Donald Trump announced the imposition of import duties, set at 25 percent on steel and 10 percent on aluminum. Similar restrictions will also be imposed on exports from suppliers in other economies.

"We strongly regret this step, which appears to represent a blatant intervention to protect U.S. domestic industry and not to be based on any national security justification," Juncker said in the statement.

EU will not sit idly while its industry is hit with unfair measures that put thousands of European jobs at risk, Juncker said, adding that the Commission will bring forward in the next few days a proposal for WTO-compatible countermeasures against the U.S. to rebalance the situation.

"These U.S. measures will have a negative impact on transatlantic relations and on global markets. In addition, they will raise costs and reduce choice for U.S. consumers of steel and aluminum, including industries that import these commodities," European Commissioner for trade Cecilia Malmstrom added.