The European Union will respond in a "firm and proportionate way" to a decision by US President Donald Trump to impose tariffs on the imports of steel and aluminium, according to EU Trade Commissioner Maroš Šefčovič.
Mr Šefčovič told the European Parliament that the decision by Mr Trump is a "lose-lose scenario" and there will be "countermeasures" to safeguard the EU’s economic interest and to protect workers, businesses and consumers.
"Unfortunately, tariffs came back overnight," Mr Šefčovič said in an address to MEPs.
Tánaiste Simon Harris will participate in an unscheduled meeting of EU trade ministers tomorrow.
It has been convened to assess Mr Trump's decision to introduce trade tariffs.
Mr Šefčovič said: "The President of the US signed a proclamation imposing 25% tariffs on all steel and aluminium imports into the US as of 12 March.
"We deeply regret these decisions and announcements. The EU sees no justification for the imposition of tariffs on our exports which is economically counterproductive."
"Tariffs are taxes - bad for businesses worse for consumers. By imposing tariffs the US will be taxing its own citizens, raising costs for business and fueling inflation … put simply it is a lose-lose scenario.
"We will always protect our interest from unjustified measures in line with our values. We are currently assessing the scope of the measures introduced overnight and will be responding in a firm and proportionate way by countermeasures," he said.
"We will act to safeguard our economic interest we will protect our workers, businesses and consumers.
"This is the way to protect European interests, but it is not our preferred scenario.
"We remain committed to constructive dialogue, we stand ready for negotiations and to find mutually beneficial solutions where possible … There is a lot at stake for both sides," he said.
Fianna Fáil MEP Barry Cowen told the parliament that Ireland stands to lose a lot from potentially more tariffs on EU goods.
He said the economic ties between the EU and the US are amongst the strongest globally.
"Ireland’s deep historical ties with the US are well know. Equally known however is that our success is built on EU membership and the solidarity we received during key periods and challenges such as Brexit and the Covid pandemic.
"As such it is fair to say that the potential for tariffs to turn allies into adversaries leaves few with more to lose than Ireland," Mr Cowen said.
"As the geopolitical challenges emerge we in Ireland the delegation here from Ireland will continue to push the EU to strengthen its own competitiveness, tackle energy costs address infrastructural deficits and secure our place in the global economy," he added.
Renew Europe group, which Fianna Fail is a member of, strongly criticised what it called "Trump’s cheerleaders in Europe" - a reference to right-wing MEPs who have used the debate to suggest the EU should follow in Mr Trump’s footsteps and abandon the Mercusor trade deal, and the New Green Deal.
"Ireland knows that the EU must stand united, protectionism weakens all of us, the EU should engage early, defend open trade and ensure cooperation not division shapes our future," Mr Cowen said.
Sinn Féin MEP Lynn Boylan criticised President Trump’s attempts to "bully" Europe but said the EU needs to examine its trade policies.
"The binary debate between tariffs and more of the same neoliberal trade agendas reveals the stunning short-sightedness of EU trade policy," she said.
"What we need is sustainable and socially just trade which protects workers and our planet, not trade at all costs," Ms Boylan said.
