Sunday, 22 July, 2018

European Union slaps retaliatory tariffs on USA goods

President Donald Trump and China's President Xi Jinping attend at a state dinner at the Great Hall of the People GETTYPresident Donald Trump and China's President Xi Jinping attend at a state dinner
Lindsey Cook | 22 June, 2018, 17:44

The U-S president hit the E-U, Canada and Mexico with 25 percent levies on steels and 10 percent on aluminum at the beginning of June.

"We oppose the act of extreme pressure and blackmail by swinging the big stick of trade protectionism", a spokesman for China's Commerce Ministry said Thursday.

The EU has also filed a case contesting the legality of the US tariffs with the World Trade Organization.

The European Union has imposed additional tariffs of 25% on products such as motorcycles, orange juice, bourbon, peanut butter, cigarettes and denim - part of its response to the Trump administration's tariffs on steel and aluminum exports from Europe. The EU does not rely on the U.S.as a market for its steel exports as much as Canada or Mexico, which are also being hit by the USA tariffs and stand to lose more.

Mexico has announced it will, in response, impose tariffs on U.S. imports, including pork bellies, apples, grapes, cheeses and flat steel, among other products. Beijing has vowed to immediately retaliate with its own tariffs on US soybeans and other farm products.

Case in point: Daimler AG late Wednesday slashed its earnings outlook for the year, saying fewer Chinese consumers will buy Mercedes-Benz SUVs because of tariffs Beijing is slapping on autos imported from the US.

On March 1, President Donald Trump announced that the United States would be imposing a 25 percent global tariff on all steel imports to the US and a 10 percent global tariff on all aluminum imports. "Excluding agricultural products (generally more highly protected), the USA tariffs are similar to those from Canada and the European Union, and higher than in Japan".

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The equivalent value of €2.8 billion worth of United States goods that will be hit by import duties charged by the EU.

Most economists say the outcome of higher global import tariffs will drive up costs for consumers, offsetting much of the benefit of protecting domestic industries for the country imposing them.

On May 31, the White House announced that it would be ending the exemptions at the end of that day.

The new duties have been imposed as tensions over trade continued to grow between the United States and China.

As painful as the brewing trade war could prove, many have seen it coming.

"The EU has a responsibility to stand up for open global trade".

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