Connect with us

The Guardians of Democracy

The Guardians of Democracy

EU To Impose Massive Retaliatory Tariffs On US Goods Starting In July


EU To Impose Massive Retaliatory Tariffs On US Goods Starting In July

The European Union (EU) announced on Wednesday that it has approved a plan to impose a 25 percent retaliatory tariff on up to $3.3 billion worth of US products beginning in July, in response to President Donald Trump’s decision to impose tariffs on steel and aluminum imports from Europe.

“The Commission expects to conclude the relevant procedure in coordination with member states before the end of June so that the new duties start applying in July,” Commissioner Maros Sefcovic said on Wednesday at a press conference.

“This is a measured and proportionate response to the unilateral and illegal decision taken by the United States to impose tariffs on European steel and aluminum exports,” Cecilia Malmström, the European commissioner for trade, said in a statement.

The EU said it will impose the “rebalancing” tariffs on about $3.3 billion worth of U.S. steel, bourbon, agricultural products including sweetcorn, orange juice, cranberries and certain clothing made of cotton.

President Trump announced last week that he would place a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum from key US allies, including the EU, Canada and Mexico.

The Hill adds:

According to Reuters, EU exports now subject to Trump’s tariffs are worth more than $7.5 billion.

The EU plan would also impose duties between 10 and 50 percent on $4.2 billion worth of U.S. goods in March 2021, or sooner if the World Trade Organization (WTO) rules that Trump’s tariffs are illegal, Reuters reported. The EU challenged the tariffs at the WTO on Friday.


More in NEWS


To Top