Monday, 20 August, 2018


European Union to begin counter trade tariffs against U.S. on Friday

Conrad Doyle | 21 June, 2018, 04:56

This report comes after the European Commission announced it approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion).

The tariffs are the latest in a tit-for-tat row between the traditionally close allies, which began when Donald Trump introduced harsh tariffs on imported steel and aluminium.

"We did not want to be in this position", European Trade Commissioner Cecilia Malmstrom said in a statement on Wednesday.

The new duties also include other categories of imported goods including various types of corn, rice, orange juice, cigarettes, cigars, T-shirts, cosmetics, boats, and steel, Bloomberg notes.

The tariffs, which come as a direct reaction to U.S. President Donald Trump's decision to hit the European Union with tariffs on steel and aluminum, will apply from Friday, the Commission said in a press release.

"Our response is measured, proportionate and fully in line with WTO rules".

Canada has announced it will impose retaliatory tariffs on C16.6 billion ($12.5 billion) worth of US exports from July 1.

However, President Donald Trump has now asked officials to identify a further $200bn of Chinese goods to be subject to a 10% tariff.

Brussels first drew up the list in March when Trump initially floated the 25 per cent tariffs on steel imports and 10 per cent on aluminium, which also target Canada, Mexico and other close allies.

Canada also promised retaliatory tariffs worth $12.8bn on U.S. products including steel, aluminium, whiskey and orange juice.

President Trump insists his tariffs are needed to protect American workers and has said the European Union treats the United States "very unfairly".

Together the trade battles have raised the spectre of a global trade war, spooking financial markets that fear major consequences to the world economy.

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