European Union (EU) member states have approved the European Commission's proposal to introduce retaliatory tariffs against the U.S.

The bloc's executive made the proposal as a countermeasure against the U.S.' imposition of tariffs on imports of steel and aluminium from the EU.

Duties will be collected from April 15 once the implementing act is published, the Commission announced on Wednesday.

"The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy," the Commission said in the announcement.

The Commission added that its preference is to avoid imposing tariffs and that they could be suspended at any time should the U.S. "agree to a fair and balanced negotiated outcome."

President Donald Trump's unveiling of steep import tariffs have sent both crypto equity markets tumbling in the last week. BTC has lost around 8% and both the S&p 500 and Nasdaq have fallen by over 10%.