The European Commissioner for Trade and Economic Security, Maros Sefcovic, has said that the European Union will respond firmly and proportionately to the tariffs imposed by the U.S.

“We deeply regret this. In our opinion, the tariffs are unjustified because they will lead to an increase in prices and inflation,’’ Mr Sefcovic said.

Mr Sefcovic said this in a speech to members of the European Parliament (MEPs) in Strasbourg on Tuesday.

Describing the move as lose-lose scenario, he warned that the tariffs were economically counterproductive but emphasised the EU’s willingness to engage in a “constructive dialogue.’’

He said, “We will keep all communication channels open. The EU is ready for any challenges that may arise in the field of trade. When necessary, we will defend our openness, industry, and single market.’’

Earlier, European Commission President Ursula von der Leyen said that U.S. tariffs on steel and aluminium imports from the EU would “trigger firm and proportionate countermeasures.

“I deeply regret the U.S. decision to impose tariffs on European steel and aluminium exports. Tariffs are taxes bad for business, worse for consumers,’’ she said in a statement.

“Unjustified tariffs on the EU will not go unanswered; the EU will act to safeguard its economic interests.

“We will protect our workers, businesses, and consumers,” Ms Von der Leyen said.

U.S. President Donald Trump announced Monday that steel and aluminium imports would be subject to a 25-per cent tariff upon entering the U.S., regardless of their country of origin. (Xinhua