Trump doubles down, EU expresses regret, prepares to retaliate against United States.

According to the news report by CCTV on May 31st, on the same day, the European Commission expressed regret in a statement over the US announcement of raising import tariffs on steel and aluminum, and mentioned that the EU is prepared to take retaliatory measures. The statement said that the US government's decision further added uncertainty to the global economy, and that the increased tariffs also undermined efforts to resolve issues through negotiations. The statement emphasized that the European Commission is currently in final negotiations on expanding retaliatory measures. If a mutually acceptable solution cannot be reached, the existing and additional EU measures will automatically take effect on July 14th or earlier if necessary. The Chair of the International Trade Committee of the European Parliament, Bernd Lange, stated that the EU always advocates for resolving trade disputes through negotiations, but will not shy away from retaliatory measures when necessary. Recently, Lange led a delegation of European Parliament trade representatives to Washington and engaged with several US congressmen and government officials. On May 30th local time, US President Trump announced at a rally in Pennsylvania that he would raise tariffs on imported steel from 25% to 50% to protect the domestic steel industry. He mentioned that foreign companies could still manage the current 25% steel tariff to some extent, but they would struggle to cope with the 50% tariff. Trump later tweeted on social media platform that this decision would take effect from June 4th. On February 10th, Trump signed an executive order announcing a 25% tariff on all steel and aluminum imported into the US. On March 12th local time, Trump's measures to impose a 25% tariff on all imported steel and aluminum into the US officially took effect. This policy has drawn criticism and retaliation from trading partners such as Canada and the EU. According to data from the US International Trade Commission, the US imported steel and aluminum products worth $147.3 billion in 2024. The data shows that Canada, Mexico, and others are the main source countries. EU: Uncertainty in EU-US trade negotiations On May 30th local time, European Commissioner in charge of trade and economic security, Phil Hogan, had a phone call with US Secretary of Commerce, Wilbur Ross. Hogan emphasized the need for both sides to continue cooperation and work towards finding forward-looking solutions to ease the current trade tensions. On May 25th local time, President Trump mentioned that the EU had requested an extension of the tariff negotiation deadline until July 9th, and he had agreed to this request. Trump stated that the conversation with the EU on tariffs was "very pleasant". Trump mentioned that EU Commission President, Ursula von der Leyen, had expressed during the call, "We will touch base quickly, see if we can make a deal." In response, Trump agreed to her extension request. Von der Leyen earlier posted on the social platform X that the conversation with Trump was "good", and mentioned that the EU was prepared to accelerate the trade negotiations with the US but would need more time to reach an agreement. This extension shows that both sides still hope to maintain negotiating space to avoid escalation of trade tensions. The total trade in goods and services between the EU and the US exceeds $1.1 trillion, making it widely viewed as one of the most important economic partnerships globally. Currently, the trade negotiations between the EU and the US are at a critical stage, with both sides striving to reach an agreement before July 9th. On May 30th local time, European Commissioner for Economic Affairs, Valdis Dombrovskis, stated that amidst the increasingly complex global situation, the EU still upholds a strategy of openness to the outside world. Dombrovskis mentioned that the EU remains committed to finding a negotiated solution with the US. However, the outlook for trade negotiations between the EU and the US still faces various uncertainties. Canadian industries respond to Trump's steel and aluminum tariffs According to reports from Canadian media on May 30th cited by Xinhua News Agency, Canadian industries strongly oppose US President Trump's plan to double steel and aluminum tariffs. By Bruce, President of the Canadian Labour Congress, stated that the US government's plan is another direct attack on Canadian workers, and its reckless actions will have a significant impact on the Canadian economy. Bruce said, "Trump's decision will completely distance us from the US market, bringing a destructive crisis to Canada's steel and aluminum industry, and threatening the jobs of thousands of Canadian workers." Bruce called on the Canadian government to take immediate action to protect workers, including implementing emergency reforms related to employment insurance and wage subsidies. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce, stated in a declaration that disrupting the cross-border steel and aluminum supply chain would cause huge losses to both Canada and the US, and doubling steel and aluminum tariffs to 50% goes against North America's economic security. This article is sourced from "Daily Economic News"; GMT Translation Editor: Yan Wencai.