Sunday, 19 August, 2018

European Union says it will start to impose tariffs on United States on Friday

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 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
Jan Cook | 22 June, 2018, 20:09

The European Union (EU) has introduced retaliatory tariffs on U.S. goods as a top official launched a fresh attack on President Donald Trump's trade policy.

"The US is abusing the tariff methods and starting trade wars all around the world".

The price of bourbon whiskey, Levi's jeans and Harley-Davidson motorbikes imported from the USA will gradually begin rising for British consumers, after the European Union's retaliatory tariffs on American products came into force.

The 28-nation EU's trade chief, Cecilia Malmstrom, said Wednesday that the bloc would introduce the tariffs on about 2.8 billion euros' ($3.4 billion) worth of USA products.

Trump threatened additional taxes on European cars if the EU chose to retaliate. European Union steel and aluminium exports now facing U.S. tariffs are worth a total of 6.4 billion euros (RM29.6 billion).

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.

The duties on €2.8bn (£2.4bn) worth of U.S. goods came into force on Friday. Turkey is targeting USA products and India has announced tariffs on 29 US products, including steel and iron, almonds, walnuts, and chickpeas.

From blue jeans to motorbikes and whiskey, the EU's hit-list of products targeted for tariffs with the USA reads like a long list of emblematic American exports.

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American tariffs on steel and aluminum have also hit Canada, Mexico, India, Turkey and India.

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

Mexico has announced it will, in response, impose tariffs on USA imports, including pork bellies, apples, grapes, cheeses and flat steel, among other products.

"No, because the U.S. is both an important export market and a strong production base for us", Mattes said. "This is definitely a concern". 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 United States factory jobs. "We don't want to do anything that would harm consumers", he said.

One advantage of this tactic for China is that this time, the numbers are on its side, as USA investment in China is far larger than the reverse.

In 2017, Mexico accounted for the largest share of exports of new passenger vehicles into the USA, at 24 percent.

One thing that may cause Beijing to hold back from a full-scale attack on American companies is concern about the impact it would have on the domestic economy.

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