https://www.miningweekly.com

EU to impose duties on US imports Friday after Trump tariffs

20th June 2018

By: Reuters

  

Font size: - +

BRUSSELS – The European Union will begin charging import duties of 25% on a range of US products on Friday, in response to US tariffs imposed on EU steel and aluminium early this month, the European Commission said on Wednesday.

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.

The Commission formally adopted a law putting in place the duties on €2.8-billion worth of US goods, including steel and aluminium products, farm produce such as sweetcorn and peanuts, bourbon, jeans and motor-bikes.

"We do not want to be in this position," EU Trade Commissioner Cecilia Malmstrom said in a statement, adding that the "unilateral and unjustified" US decision had left the EU with no choice.

She called the EU response proportionate and in line with World Trade Organization rules and said that they would be removed if Washington removed its metal tariffs. EU steel and aluminium exports now facing US tariffs are worth a total of 6.4-billion euros.

Donald Trump hit the EU, Canada and Mexico with tariffs of 25% on steel and 10% on aluminium at the start of June, ending exemptions that had been in place since March.

Canada has announced it will impose retaliatory tariffs on C16.6-billion worth of US exports from July 1. Mexico put tariffs on American products ranging from steel to pork and bourbon two weeks ago.

Some of the products chosen are designed to target the states of Republicans, who are seeking to retain control of both chambers of Congress in November elections.

The EU also has in reserve potential tariffs of 10% to 50% that it could impose on a further €3.6-billion of US imports in three years' time.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION