Sunday, 16 December, 2018

European Union counter-tariffs against U.S. come into effect on Friday - commission

Industrial Views Across The Dee Valley Source Getty
Orlando Vargas | 22 June, 2018, 16:25

President Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from the European Union on June 1.

Now, the world is punching back.

European Union slapped a 25 per cent tariff on American products such as whiskey, tobacco, Harley Davidson motorcycles, cranberries and peanut butter, reports The Independent.

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.

The total amount of USA goods exported to China amounted to only US$130 billion (S$177 billion) previous year, meaning that Mr Trump's potential tariffs on US$250 billion or more of Chinese imports can not be matched, at least directly.

India raised tariffs on a slew of items in retaliation for the U.S. imposing higher levies on some products shipped from the South Asian nation, echoing steps taken by China, the European Union and other trading partners.

The tit-for-tat conflict between the United States and China - the world's two largest economies - is poised to escalate from there.

"The biggest challenge we're facing is the U.S".

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The EU countermeasures cover a total of around 200 categories of US products also including various types of corn, rice, orange juice, cigarettes, cigars, t-shirts, cosmetics, boats and steel. "Needless to say, it is in full respect of EU and [World Trade Organization] rules", said European Commission spokesperson Alexander Winterstein.

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

"The rules of global trade that we have developed over the years with our American partners can not be violated without a reaction from our side", Malmstrom said.

Trump ran for the presidency on a vow to topple seven decades of American policy that had favored ever-freer trade among nations. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of U.S. factory jobs.

China has said it would impose additional tariffs on 659 US goods, with duties on 545 to kick in on July 6, after Trump said Washington would levy tariffs on $50 billion of Chinese products.

The European Union (EU) will begin charging import duties of 25 per cent on a range of United States products tomorrow, in response to USA tariffs imposed on EU steel and aluminium early this month, the European Commission said yesterday. Trump would start July 6 by taxing $34 billion worth of products and later add tariffs on an additional $16 billion in goods. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

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

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