European Union to impose retaliatory tariffs on U.S. imports from July

08 June, 2018, 06:37 | Author: Eric Barnett
  • The European Commission which handles trade matters for the 28-country EU

The European Union on Wednesday announced it will start imposing duties from July on a list of USA products in response to President Donald Trump's decision to slap tariffs on steel and aluminum imports from Europe.

The European Union intends to exercise its right immediately on 2.8 billion euros ($3.3 billion) of United States products, while the remaining rebalancing estimated at 3.6 billion euros ($4.2 billion) will take place in three years or following "a positive finding in WTO dispute settlement if that should come sooner", the statement noted.

The EU says it expects to retaliate next month after the U.S. imposed tariffs on the bloc's steel and aluminium products, sparking fears of a global trade war.

The EU's retaliatory tariffs were expected. The list includes roughly 160 products such as U.S. sunbeds, paper towels, corduroy trousers and porcelain tableware that could face European Union tariffs between 10% to 50%.

The measures are created to hurt USA manufacturers championed by President Trump.

Brussels said it would proceed with a World Trade Organization (WTO) dispute and impose additional duties on USA imports. It is also assessing the need for measures to prevent a surge of imports of steel and aluminium into Europe as non-EU exporters divert product initially bound for the United States.

"This is a measured and proportionate response to the unilateral and illegal decision taken by the United States to impose tariffs on European steel and aluminum exports", Cecilia Malmström, the European commissioner for trade, said in a statement.

"What's more, the EU's reaction is fully in line with global trade law". "We regret that the United States left us with no other option than to safeguard European Union interests".

Industry experts have warned that EU retaliation could encourage the Trump administration to strike back with more trade barriers on items like European cars.

Canada placed tariffs on $12.9 billion worth of US goods while Mexico placed tariffs on a variety of USA products.



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