OMAHA (DTN) -- The European Union on Wednesday imposed retaliatory tariffs on $28 billion in U.S. products, including the few major agricultural goods -- notably soybeans and almonds.

Europe's response comes after President Trump put in place 25% tariffs on all steel and aluminum imports. Ursula von der Leyen, president of the European Union, said the U.S. tariffs would impact about $28 billion in European exports, so the EU tariffs would fall in line there. The EU tariffs right now would go into effect on April 1.

"We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers," von der Leyen said. "These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and in the United States. The European Union must act to protect consumers and business. The countermeasures we take today are strong but proportionate."

The top five U.S. agricultural and related products exported to the European Union by value are soybeans ($3 billion), almonds ($1.2 billion), pistachios ($689 million), whiskies ($533 million) and food preparation products ($521 million).

Soybeans, almonds, distilled spirits, food preparation products, dairy and pork products are all on the list for tariffs.

Europe buys roughly 238 million bushels (6.5 million metric tons) of soybeans and soymeal exports, or about $3 billion in value.

For the current marketing year, which began Sept. 1, European countries have bought 4.5 million metric tons (mmt) of soybeans, up 710,000 metric tons (mt) from the same period last year. Spain, Netherlands and Germany are the largest buyers, according to USDA data.

Europe is a major market for almonds, especially to countries such as Germany, Netherlands and Italy.

Also on the list is wine, which accounts for about $170 million in exports to Europe.

For dairy, the U.S. only exports about $115 million in dairy products to Europe while importing $3 billion in dairy products.

Overall, the U.S. carries a large agricultural trade imbalance with the EU, importing an average of $36 billion in agricultural products while exporting about $13 billion.

"We've gone almost 25 years where exports to Europe have been flat as a pancake," said Gregg Doud, president and CEO of the National Milk Producers Federation, in a speech two weeks ago at the USDA Agricultural Outlook Forum, which he criticized EU food policies and limits on U.S. products.

"We export 15 times more cheese in Guatemala than we do the European Union. Folks, we export more cheese in New Zealand," Doud said.

Doud, in his speech, made a point that one way for the U.S. to level the playing field for agricultural exports would be to impose tariffs.

Also see, "Expanding US Farm Exports: Can Tariffs Help Level the Playing Field?" https://www.dtnpf.com/…

Chris Clayton can be reached at Chris.Clayton@dtn.com

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