European Union counter-tariffs against United States come into effect on Friday - commission

22 June, 2018, 17:46 | Author: Salvatore Jensen
  • US President Donald Trump

The retaliatory measure comes in response to USA tariff hikes on steel and aluminum that were imposed on European Union member countries on June 1, with the White House citing grounds of national security.

Malmstrom said that "we are left with no other choice".

Malmström added that if the US removes its tariffs, the European taxes would also be lifted.

The European Union retaliated against President Trump's steel and aluminum tariffs Friday with tariffs on about $3.3 billion worth of American goods, including bourbon, orange juice, peanut butter, and motorcycles.

Canada has announced it will impose retaliatory tariffs on C$16.6 billion (RM50 billion) worth of United States exports from July 1.

"We don't want to do anything that would harm consumers", he said.

In the case of China, even though the world's second-largest economy does not import enough from the United States to match Mr Trump's tariffs dollar for dollar, Beijing can still squeeze American companies in other ways.




But the administration's insistence that the U.S. was hit with disproportionate tariffs from key trading partners "is simply not true", wrote Gregory Daco, head of U.S. Economics at Oxford Economics, in a research note.

In March, President Trump pledged to impose 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports from Canada, Mexico and the European Union. "Our response will have to be proportionate, reasonable and intelligent".

President Trump won't allow China to prey on USA technology any longer, White House National Trade Council Director Peter Navarro told FOX Business on Wednesday.

When the USA imposed the tariffs it said it was doing so as a matter of national security - further angering its closest allies, whose tariffs are now targeting President Trump's base of support - in the steel and aluminum industries, but also in farming states, and in whiskey-producing Kentucky.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22.

The move confirms a tit-for-tat dispute that could escalate into a full trade war, particularly if US President Donald Trump carries out his threat to penalise European cars.

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