European Union metals tariffs retaliation to start June 22

Report Germany’s Automakers Throw Up White Flag on Trade Offer to Scrap 10% Tariff			Jesco Denzel  German Federal Government via AP		20 Jun 2018

The US and European Union have imposed mutual tariffs. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of USA factory jobs.

The tariffs come weeks after the Trump administration implemented a 25 per cent tariff on steel and 10 per cent tariff on aluminium imports in March.

More than $3 billion worth of US goods - from bourbon and corn to Harley Davidson motorcycles - are now under a 25 percent tariff in the European Union, in retaliation for the Trump administration's tariffs that hit the EU, Mexico and Canada earlier this month. Trump has erroneously called out India for its "100 percent" tariffs on Harleys; in fact India lowered its tariffs on high-end motorcycles from a range of 60-70 percent to 50 percent. The tariffs, which had been announced earlier this year, had previously been expected to come into force next month. The big trade conflagration, however, is with China. -China trade was $635 billion - but that the gesture had important symbolism and could forecast further strain between the two friendly democracies at time when its diplomats are working to deepen military ties.

He pledged to impose tariffs on imports from countries that Mr Trump said had exploited the US. European Union steel and aluminium exports now facing United States tariffs are worth a total of 6.4 billion euros (RM29.6 billion). All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States. Beijing has vowed to immediately retaliate with its own tariffs on USA soybeans and other farm products in a direct shot at Mr. Trump's supporters in America's heartland.

"They're screaming and yelling - they've been spoiled for many, many years, and that game is over", Ross told Bloomberg Television.

A trade war is brewing between the world superpowers, United States of America and China and this could have dire economic consequences, not just for the two countries but globally too.

However, China accused the USA of an act of "extreme pressure and blackmail" and said it would respond with "strong countermeasures".

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