To rebalance and safeguard against the US import tariffs, European Union (EU) on Friday launched tariffs on some $3.2 billion worth of American goods.
The bloc slapped a 25 per cent tariff on American products such as whiskey, tobacco, Harley Davidson motorcycles, cranberries and peanut butter. That’s done in retaliation to US President Donald Trump s administration imposed on imported steel and aluminium earlier this month.
Speaking to the Irish Parliament on Thursday night, European Commission President Jean-Claude Juncker hinted at such a move. The EU also imposed another 50 per cent tax on select items such as footwear, some types of clothing and washing machines. Jnker called it a measured response to the US adventure.
On Wednesday, prior to Juncker, EU Trade Commissioner Cecilia Malmström remark too announced that the 28-member bloc was “left with no hoice” other than to impose retaliatory measures. They also threatened a second round of tariffs on some $4.3 billion worth of US products if the dispute was not resolved.
The US import tariffs have attracted retaliatory steps from all over the world. India, one of the closest allie of the US, too has imposed increased import duties on US goods. China has been leading the world in this coup. Even Japan has announced its displeasure with Donald Trump administration for disturbing the world trade balance.