Beginning last Friday, the European Union (EU) has started charging import duties of 25 percent on a range of U.S. products as retaliation to the U.S. imposed tariffs on EU steel and aluminum earlier this month. This list of products includes home appliances, motor vehicles, household articles, apparel and footwear, textiles and fabrics, whisky, tobacco products and more. All told, these duties equate to approximately $3.2 billion of U.S. goods.
Cecilia Malmström, Commissioner of Trade for the EU, stated, “we did not want to be in this position. However, the unilateral and unjustified decision of the U.S. to impose steel and aluminum tariffs on the EU means that we are left with no other choice. The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules. Needless to say, if the US removes its tariffs, our measures will also be removed.”
© [2018], NCBFAA, Washington D.C. Monday Morning eBriefing. Originally published [06/25/2018]. www.ncbfaa.orgReprinted by permission.