The EU has announced €26bn of countermeasures to US tariffs, raising the stakes in an escalating global trade war that was instigated by the US.
From today, the US is applying a 25% tariff on imports of steel and aluminium, raising its tariffs bill to date to $28bn.
The tariffs tit-for-tat will hit the global electrolyser market supporting green hydrogen, among many others in industrial gases. Among other impacts, it will likely lock US electrolyser makers out of European markets, which they had increasingly been targeting given the uncertainties around US federal support for green hydrogen under the new Trump administration, which is currently undertaking a policy review.
European Commission President Ursula von der Leyen said, “Tariffs are taxes. They are bad for business and worse for consumers. They are disrupting supply chains. They bring uncertainty for the economy.”
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