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EU slaps retaliatory tariffs on U.S. products

22 June, 2018 4:54 PM
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Items like U.S.-made bikes to be costlier

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

The tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU’s official journal, will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China.

Customs agents across Europe’s colossal market of 500 million people will now impose the duty, hiking prices on U.S.-made products in supermarkets and across factory floors.

“These measures are the logical consequence of the U.S. decision,” said French Finance Minister Bruno Le Maire. “They reflect a Europe that is resolute and principled,” he said.

Brussels imposed the raft of duties on U.S. products worth €2.8 billion ($3.3 billion) in a tit-for-tat response to Mr. Trump’s decision to slap stiff tariffs on European steel and aluminium exports. EU Trade Commissioner Cecilia Malmstrom said this week that the 28-nation bloc was “left with no other choice” but to impose tariffs of its own after the “unilateral and unjustified decision of the U.S.”

Also read: India May Lose To US On Export Subsidies Issue At WTO: Commerce Ministry

Source: thehindu.com

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