European Union slaps revenge tariffs on USA as trade war erupts

Industrial Views Across The Dee Valley

The European Union slapped revenge tariffs on iconic United States products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump.

"The US is abusing the tariff methods and starting trade wars all around the world". If the trade dispute continues or is not resolved by the WTO, the European Union could target a second batch of American exports worth around €3.7 billion ($4.3 billion).

The EU has also filed a case contesting the legality of the USA tariffs with the World Trade Organization.

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.

Malmstrom said that "we are left with no other choice". "However, the unilateral and unjustified decision of the United States to impose steel and aluminum tariffs on the European Union means that we are left with no other choice".

"We did not want to be in this position".

Those personally in the line of fire are among the most concerned.

European Union countries retaliatory trade tariffs on a list of USA products, agreed in response to U.S. tariff hikes on steel and aluminium imports from Canada, the EU, and Mexico, will come into force on Friday, the European Commission announced on Wednesday.

"It will be a disaster", said Nagesh Balusu, manager of the Salt Whisky Bar and Dining Room in London and expects the European Union's tariffs to add more than $7 to the price of a bottle of Jack Daniels, which is imported from Tennessee.

On Thursday, Indian imposed tariffs on 29 United States goods worth $ 238 million as a countermeasure.

Trump and Peter Navarro, one of his top trade advisers, have long believed that the European Union has an unfair tariff on USA exports while the US government makes it relatively easy for other countries to send their cars here.

Mr Trump ran for the presidency on a vow to topple seven decades of American policy that had favoured ever-freer trade among nations. Trump is also looking at new tariffs on auto imports, opening a new front in the trade war. 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 US factory jobs.

The EU said that if the situation isn't resolved, or if the US responds with more tariffs, the EU said that it will add additional tariffs on 160 USA products worth $4.3 billion. So even if the USA and China are having this battle, trade diversion means what may happen is that many of their market groups will be dumped on other markets to ensure that they don't overconsume or overproduce.

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