Post by Bonobo on Jun 1, 2018 22:34:34 GMT 1
Bad news that Trump imposed extra tariffs on EU steel and aluminium because the EU will have to retaliate by tariffs on US products.
qz.com/1293592/trade-war-begins-trump-slaps-steel-and-aluminum-tariffs-on-the-eu-canada-and-mexico/
A trade war would have been almost unthinkable in the decades of trade relations between the EU and its long-time ally North America. But then Donald Trump entered the White House with promises to protect US industries, and claims that the country was being cheated and treated unfairly in its global trade relationships.
The reaction from Brussels was a mixture of dismay and defiance. European Commission president Jean-Claude Juncker tweeted: “It’s a bad day for world trade. US leaves us no choice but to proceed with a WTO dispute settlement case and the imposition of additional duties on a number of US imports. We will defend the EU’s interests, in full compliance with international trade law.”
EU trade commissioner Cecilia Malmström said in a press statement: “The US has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU. This is not the way we do business, and certainly not between longstanding partners, friends and allies.”
The US tariffs affect €6.4 billion ($7.5 billion) worth of EU exports, the Commission said, and it will launch proceedings against the US in the World Trade Organization on June 1.
EU readies its retaliation
Popular US products like bourbon, jeans, and peanut butter are likely to be slapped with duties as part of the EU’s response.
Retaliation tarrifs, apart from bourbon, jeans and peanut butter, might also include US groceries, cosmetics, motorcycles, yachts, corn, orange juice and steel.
Russian leaders are opening their EU imported champagnes. Some make a toast with traditional vodka.
qz.com/1293592/trade-war-begins-trump-slaps-steel-and-aluminum-tariffs-on-the-eu-canada-and-mexico/
A trade war would have been almost unthinkable in the decades of trade relations between the EU and its long-time ally North America. But then Donald Trump entered the White House with promises to protect US industries, and claims that the country was being cheated and treated unfairly in its global trade relationships.
The reaction from Brussels was a mixture of dismay and defiance. European Commission president Jean-Claude Juncker tweeted: “It’s a bad day for world trade. US leaves us no choice but to proceed with a WTO dispute settlement case and the imposition of additional duties on a number of US imports. We will defend the EU’s interests, in full compliance with international trade law.”
EU trade commissioner Cecilia Malmström said in a press statement: “The US has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU. This is not the way we do business, and certainly not between longstanding partners, friends and allies.”
The US tariffs affect €6.4 billion ($7.5 billion) worth of EU exports, the Commission said, and it will launch proceedings against the US in the World Trade Organization on June 1.
EU readies its retaliation
Popular US products like bourbon, jeans, and peanut butter are likely to be slapped with duties as part of the EU’s response.
Retaliation tarrifs, apart from bourbon, jeans and peanut butter, might also include US groceries, cosmetics, motorcycles, yachts, corn, orange juice and steel.
Russian leaders are opening their EU imported champagnes. Some make a toast with traditional vodka.
