Europe wants to cooperate with the United States but the EU is ready to respond as one if Washington leaves it no choice by imposing tariffs on steel and aluminium, German Chancellor Olaf Scholz said on Sunday.

Stock markets in Europe and Asia also fell, after Trump warned all countries could be hit with tariffs on US imports.

BERLIN: German Chancellor Olaf Scholz on Sunday (Mar 30) said the EU would respond firmly to tariffs announced by US President Donald Trump but stressed the bloc was also open to compromise.

German Chancellor Olaf Scholz said on Sunday that the European Union is prepared to respond to the United States if Washington imposes tariffs on steel and aluminum.

The European Commission said it is curbing imports of tariff-free steel by cutting its so-called liberalization rate to 0.1% from 1%, and did away with the so-called carry-over mechanism.

The European Commission on Tuesday said it would tighten import restrictions on steel from next month in a bid to shield the ailing European steel sector from surging imports.

The European Union will delay tariffs on U.S. exports into the trading bloc in response to the imposition of tariffs on European aluminum and steel, a measure announced in February by the White

The European Union is delaying until mid-April its retaliatory trade action over the Trump administration’s increase in tariffs on all steel and aluminum imports.

German Chancellor Olaf Scholz said Sunday that the European Union is prepared to respond if President Donald Trump goes ahead with imposing tariffs on steel and aluminum as planned, Reuters reported.

Indian steel-makers face reduced market access in the EU, leading to financial hits and increased competition due to safeguard measures.