European Union imposes tariffs on U.S. peanuts, motorcycles and whiskey

22 June, 2018, 20:10 | Author: Sally Reid
  • US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images

The move is a response to new USA tariffs imposed on European Union steel and aluminium by President Donald Trump.

Trump has also imposed tariffs on other trade partners as well, slapping another 25 per cent tariff on $50 billion worth of Chinese goods last week.

The world's most-powerful central bankers this week warned that escalating worldwide trade tensions have started damaging confidence among companies, threatening the global economic expansion.

Brussels imposed the raft of duties on USA products worth 2.8 billion euros (S$4.4 billion) in a tit-for-tat response to Trump's decision to slap stiff tariffs on European steel and aluminum exports.

Trump had directed the Commerce Deparment to launch an investigation into imported autos in May, similar to the procedure that led to the steel and aluminum tariffs.

China holds the capacity to become the future technological hub of the world - and USA companies have to embrace this fact or lose to China's biggest technology firms. "However, the unilateral and unjustified decision of the USA to impose steel and aluminum tariffs on the European Union means that we are left with no other choice", she said.

Canadian Prime Minister Justin Trudeau this week said the integration of the auto industry in the US and Canada means he has "a hard time accepting that any leader might do the kind of damage to his own auto industry that would happen if he were to bring in such a tariff on Canadian auto manufacturers", Reuters reported. Beijing has vowed to immediately retaliate with its own tariffs on US soybeans and other farm products in a direct shot at President Donald Trump's supporters in America's heartland.

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The summer exercise, Ulchi Freedom Guardian , consists mainly of computer simulations to hone joint decision-making and planning. In Beijing, a foreign ministry spokesman said the suspension of US-South Korean drills was a "positive and constructive move".

"We oppose the act of extreme pressure and blackmail by swinging the big stick of trade protectionism", a spokesman for China's Commerce Ministry said Thursday. 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).

On May 31, the White House announced that it would be ending the exemptions at the end of that day.

"We've never seen anything like this", said Mary Lovely, a Syracuse University economist who studies global trade - at least not since countries tried to wall themselves off from foreign competition during the Great Depression.

The new duties have been imposed as tensions over trade continued to grow between the United States and China. The potential trade action would affect more than $200 billion in US imports, PIIE said.

Mexico placed tariffs on American products ranging from steel to pork to bourbon two weeks ago. Trump said he would then retaliate against any counterpunch from Beijing by targeting an additional $200 billion in Chinese products, and then yet another $200 billion if China refused to back down.

"80% of Mexico's Exports come to the United States".

"Anything that comes on Twitter is just really noise, I don't think you can use that as an official medium to make global policies", said Alastair Sandler, an equity sales trader at Northern Trust.


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