European Union to impose countertariffs on United States products as of Friday

22 June, 2018, 17:45 | Author: Barbara Daniel
  • Report: German automakers offer to end EU's tariff's on US autos

The US has imposed tariffs on Canada, Mexico and £25bn in Chinese goods.

The tariffs, mostly 25 percent, are designed in part to "make noise" by targeting politically important states like Kentucky, Florida, and Wisconsin, EU trade commissioner Cecilia Malmstrom said.

The products affected by the move range from agricultural produce such as rice and orange juice to jeans, bourbon, motorbikes and various steel products. 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 US tariffs and stand to lose more.

"We've never seen anything like this", said Mary Lovely, a Syracuse University economist who studies worldwide trade - at least not since countries tried to wall themselves off from foreign competition during the Great Depression.

Trump on Monday threatened to impose an additional $200 billion in new tariffs on Chinese goods in response to retaliatory levies from Beijing.

Other countries hit by the USA tariffs have also retaliated, raising fears of a global trade war.

American tariffs on steel and aluminum have also hit Canada, Mexico, India, Turkey and India.

The European Union is enforcing tariffs on $3.4 billion in USA products as of Friday in retaliation to duties the Trump administration has put on European steel and aluminum.

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.

Reuters reported that Gao Feng, a spokesman for the Chinese Commerce Ministry, said the Trump administration's trade policies will in the end be counterproductive for American interests.

The U.S. Trade Representative said in April that the United States' trade deficit with India had fallen to $23 billion in 2017, a 6 percent decrease, as U.S. goods exported to India rose almost $26 billion, up 18 percent from the previous year.

The Trump administration this week ratcheted up its accusations that China's trade and intellectual property practices are threatening U.S. economic interests. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

Economists and trade analysts worry that there may be no way out of an all-out trade war between the United States and its most vital trading partners.

Asian stocks fell, extending the worst week for regional equities since late March, amid concern global trade restrictions will curb growth.

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