BRUSSELS -- The European Union views US President Donald Trump's proposed "reciprocal" trade policy as a step in the wrong direction, according to a statement released on Friday.

"The EU will react firmly and immediately against unjustified barriers to free and fair trade, including when tariffs are used to challenge legal and non-discriminatory policies," reads the statement. The EU will always protect European businesses, workers, and consumers from unjustified tariff measures.

On Thursday, Trump signed a memorandum directing his administration to determine "the equivalent of a reciprocal tariff with respect to each foreign trading partner." According to the EU, the newly imposed tariffs will hurt the US economy by raising the price of final products consumed by the American people.

"Tariffs are taxes," said the European Commission. "By imposing tariffs, the US is taxing its own citizens, raising costs for business, stifling growth and fueling inflation. Tariffs heighten economic uncertainty and disrupt the efficiency and integration of global markets."

According to the European Commission, over 70 percent of the bloc's imports are not subject to tariffs upon entering the EU, and the average tariff applied to imported goods is among the lowest in the world.

The EU remains committed to an open and predictable global trading system that benefits all partners, the statement said, "We believe in trade partnerships that are mutually beneficial and balanced, grounded in transparency and fairness."