Published: Fri, June 22, 2018
Economy | By Shawn Conner

European Union tariffs on United States goods come into force

European Union tariffs on United States goods come into force

Chinese officials warned Thursday that President TrumpDonald John TrumpFamily immigration detention centers could be at capacity within days: report Trump likely to meet with Putin in July: report DOJ requests military lawyers to help prosecute immigration crimes: report MORE's steep tariffs against the country will ultimately harm American workers.

"Though the immediate effects on United Kingdom retailers might look relatively modest, it is worth paying close attention to this dispute because it's future course is unpredictable, fast moving and could quickly escalate to engulf other, seemingly unrelated areas of trade", he said.

The European Union slapped revenge tariffs on iconic USA products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump.

"The woes the administration is inflicting on Chinese companies do not simply translate into boons for USA enterprises and the U.S. economy", the state newspaper said in an editorial headlined "Protectionism symptom of paranoid delusions".

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The European Union this week triggered the first phase of retaliation against the United States over its metal-import tariffs imposed on national-security grounds, making good on more than three months of threats to hit American goods with tit-for-tat levies.

The European Union's retaliatory tariffs come into force today targeting American products, including whiskey, motorcycles and peanuts.

USA -made bourbon whiskey is now under a 25 percent tariff in the European Union, in retaliation for the Trump administration's tariffs on steel and aluminum.

"This response by the European Union is adequate, it is proportionate and it is reasonable".

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After being deferred, the duties on steel and aluminium went ahead on 1 June and affect the EU, Canada, Mexico and other close U.S. allies. The big trade conflagration, however, is with China.

In trade wars, there tend to many casualties and few winners. European Union steel and aluminium exports now facing U.S. tariffs are worth a total of 6.4 billion euros (RM29.6 billion). The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion.

The Commerce Department is allowing companies to request exemptions from the steel and aluminum tariffs - if they can show that the metals they need aren't available from Americans producers.

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

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