Economy

European Union to impose countertariffs on United States products as of Friday

European Union to impose countertariffs on United States products as of Friday

The European Commission in Brussels gave final approval for a 25 per cent duty on 2.8 billion euros (US$3.2 billion) of EU imports of a range of USA products including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.

The items targeted also include steel products and agricultural produce such as orange juice and rice.

Announcing the European response, which will target £2.4billion (€2.8bn) worth of United States products, Ms Malmstrom said Brussels had no choice but to fight back.

Mr Trump's tariffs also target neighbouring Canada and Mexico, with Canada imposing its own retaliatory tariffs on £9.5bn ($12.5bn) worth of American exports from July 1.

The European Union has announced a new range of retaliatory tariffs against the United States, in response to the us revoking the EU's exemption from steel and aluminum tariffs.

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"We did not want to be in this position", EU Commissioner for Trade Cecilia Malmström said in a statement.

Brussels first drew up the list in March when US President Donald Trump initially floated the idea of 25 percent tariffs on steel imports and 10 percent on aluminium.

After months of talks, the Trump administration ended in June a temporary two-month exemption for the European Union as well as Mexico and Canada, all of which have retaliated or plan to do so soon.

On March 1, President Donald Trump announced that the United States would be imposing a 25 percent global tariff on all steel imports to the US and a 10 percent global tariff on all aluminum imports. The duties will cost over $3.2 billion to the USA economy and go into effect on Friday.


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