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EU to impose retaliatory tariffs on US in July

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EU to impose retaliatory tariffs on US in July
Issue Time:2018-06-08

The European Union (EU) is expected to place additional duties on U.S. imports starting in July in response to Trump’s tariffs on EU steel and aluminum, according to Reuters.

EU members have given support for a plan that would set 25 percent duties on up to $3.3 billion worth of U.S. goods, Reuters reported.

“The Commission expects to conclude the relevant procedure in coordination with member states before the end of June so that the new duties start applying in July,” Commissioner Maros Sefcovic said on Wednesday at a press conference.President Trump announced last week that he would place a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum from key allies, including the EU, Canada and Mexico.

Trump first announced the tariffs in March but provided some countries with temporary exemptions.

According to Reuters, EU exports now subject to Trump’s tariffs are worth more than $7.5 billion.

The EU plan would also impose duties between 10 and 50 percent on $4.2 billion worth of U.S. goods in March 2021, or sooner if the World Trade Organization (WTO) rules that Trump’s tariffs are illegal, Reuters reported. The EU challenged the tariffs at the WTO on Friday.

The U.S. products the EU will place duties on include orange juice, bourbon, jeans, motorcycles and certain steel products, Reuters reported.

The EU joins Canada and Mexico in responding to the new tariffs with their own.

Canada placed tariffs on $12.9 billion worth of U.S. goods while Mexico placed tariffs on a variety of U.S. products.

Many of the products targeted come from states where Republicans are running for reelection in the midterm elections.

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