The European Union (EU) lamented the US' new tariffs on steel and aluminum from 25% to 50%, starting from June 4.

Olof Gill, the European Commission's spokesperson, indicated that the EU believes this decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic Ocean.

The spokesperson insisted that now is the time to negotiate. Technical teams from Brussels are on their way to Washington. Meanwhile, EU Trade Commissioner Sefcovic met with his US counterpart, US Trade Representative Greer, in person in Paris this Wednesday.

Although the EU seeks negotiations with the US to resolve this trade dispute, Gill made it clear that if the negotiations do not lead to a balanced outcome, the EU is prepared to impose countermeasures, including in response to this latest tariff hike.