On the Brink of Trade War: EU to Hit Back With Tariffs on Iconic US Goods
Sputnik/ Alexey VitvitskyBusiness05:29 07.03.2018Get short URL25331
In case US President Donald Trump doesn’t back down on his decision to impose stiff tariffs on aluminum and steel imports, European Union (EU) is set to implement retaliatory restrictions, including a 25 percent tariff on US jeans.
Last week Trump announced the imposition of 25 percent tariffs on EU exports of steel and 10 percent on aluminum, adding that similar restrictions would be placed on other global exporters. The move immediately sparked international criticism, with US key allies like the European Union and Canada threatening to retaliate if Trump follows through on his threat.
Bloomberg News reported Tuesday it obtained a retaliatory list of US products on which the EU aims to apply a 25 percent tit-for-tat levy. The list, drawn up by the European Commission, reportedly targets 2.8 billion euros ($3.5 billion) of American goods.
It includes a range of consumer goods worth around 1 billion euros, agricultural products totaling 951 million euros and steel and other industrial products imported from the US valued at 854 million euros. Among them: motorcycles, jeans, bourbon whiskey, shirts, cosmetics, pleasure boats, orange juice, corn and steel.
Director-general of the World Trade Organization (WTO) Roberto Azevedo warned on Monday that Trump’s decision to place stiff tariffs on aluminum and steel imports could lead the world into a “deep recession” and called on the US President to reverse the course.