EU Retaliatory Tariffs Expected in July
The European Commission approved June 6 a decision to impose higher duties on U.S. products as part of the European Union’s response to a June 1 increase in U.S. tariffs on steel and aluminum from EU and other countries. The Commission anticipates completing the relevant procedures with EU member states later this month “so that the new duties start applying in July.”
The additional 25 percent tariffs will be imposed on €2.8 billion worth of imports from the U.S., including textile, apparel, and footwear items, orange juice, bourbon whiskey, tobacco products, cosmetic products, steel and aluminum products, playing cards, sailboats, and motorcycles. Tariffs on €3.6 billion worth of other U.S. goods could be increased by 10 to 50 percent in March 2021 (or sooner, if a World Trade Organization case the EU filed June 1 is decided against the U.S. before then) if the U.S. has not rescinded its steel and aluminum tariffs by that time.
© , Sandler, Travis & Rosenberg, P.A. Originally published in the [06/07/2018] issue of the Sandler, Travis & Rosenberg Trade Report. Reprinted by permission.