Thursday, 15 November, 2018

European Union says it will start to impose tariffs on USA on Friday

US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images US President Donald Trump speaks with the press | Mandel Ngan AFP via Getty Images
Elsie Buchanan | 22 June, 2018, 16:26

Now, the world is punching back.

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.

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

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

Trump has also imposed tariffs on other trade partners as well, slapping another 25 per cent tariff on $50 billion worth of Chinese goods last week. The rhetoric is already intensifying.

Canada and Mexico have also announced their own similar countermeasures just as an even greater trade skirmish pitting the U.S. against China deepens. The higher tariffs had previously been registered with the World Trade Organization (WTO).

They range from agricultural produce such as rice and orange juice to jeans, whiskey, motorbikes and various steel products.

John Murphy, a senior vice president at the U.S. Chamber of Commerce, estimates that $75 billion in U.S. products will be subject to new foreign tariffs by the end of the first week of July.

"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.

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Those personally in the line of fire are among the most concerned.

"This response by the European Union is adequate, it is proportionate and it is reasonable". "It's going to hit customers, that's for sure".

"Changes in trade policy could cause us to have to question the outlook", Federal Reserve Chairman Jerome Powell said during a panel discussion at a European Central Bank conference in Sintra, Portugal. The United States has accused China of stealing US intellectual property, a charge Beijing denies.

Trump said Monday that China's decision to retaliate in kind against his first batch of $50 billion in tariffs required a US response to encourage Beijing to change its unfair practices.

The move confirms a tit-for-tat dispute that could escalate into a full trade war, particularly if US President Donald Trump carries out his threat to penalise European cars.

On May 31, the White House announced that it would be ending the exemptions at the end of that day. The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion.

The Chinese have said they will respond in kind. Both sides have promised to impose tariffs early next month on billions of dollars in goods. But it's been overwhelmed by more than 20,000.

"But then you get to the real business of trying to be prosperous".

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