BRUSSELS

The European Union has expressed deep concern over a decision by the US to double tariffs on steel imports, warning that it may impose retaliatory measures unless a negotiated solution is reached.

In a statement Monday, European Commission spokesperson Olof Gill said the EU "strongly regrets" Washington's move to raise tariffs on steel from 25% to 50%, calling it a step that "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic."

"The tariff increase also undermines ongoing efforts to reach a negotiated solution," Gill noted, adding that the EU had paused its own countermeasures on April 14 "in good faith" to allow room for continued negotiations with the US.

The commission is now finalizing consultations on a new set of expanded countermeasures, Gill confirmed.

"If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July or earlier, if circumstances require," he warned.

"The commission has been clear about its readiness to act in defense of EU interests, protecting our workers, consumers and industry," he added.

As of June 4, the US is expected to implement a significant increase in tariffs on steel and aluminum imports from the EU, doubling the existing rates to 50%.