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EU to Begin Retaliatory Tariffs on Friday
The European Union will begin on June 22 to impose tariffs worth €2.8 billion ($3.2 billion) on American imports in response to U.S. duties on foreign aluminum and steel.
#economics #aluminum #labor
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The European Union will begin on June 22 to impose tariffs worth €2.8 billion ($3.2 billion) on American imports in response to U.S. duties on foreign aluminum and steel.
EU Trade Commissions Cecilia Malmstrom says the European levies will target such politically significant items as denim pants, whiskey, motorcycles, orange juice and peanut butter. She describes the tariffs as proportional and in line with World Trade Organization rules.
President Donald Trump has warned that he may broaden punitive tariffs on the EU if the bloc adds tariffs on U.S. goods. He began import duties of 25% on steel and 10% on aluminum at the end of May in an effort to push the EU into lowering its own import tariffs.
Malmstrom says the new EU tariffs will be removed if Trump drops the U.S. taxes on €6.4 billion ($7.3 billion) worth of European aluminum and steel. The EU so far has not signaled a willingness to adjust its legacy import taxes.
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