India Imposes Retaliatory Tariffs On US, Here's What's Targeted

22 June, 2018, 17:45 | Author: Shannon Aguilar
  • US President Donald Trump

The European Union triggered the first phase of retaliation against the US over its metal-import tariffs imposed on national-security grounds, making good on more than three months of threats to hit American goods with tit-for-tat levies.

The EU's retaliatory tariffs against the USA came into force this morning, affecting products such as bourbon whiskey, jeans, motorbikes and orange juice.

Most economists say the effect of higher worldwide import tariffs will drive up costs for consumers, offsetting much of the benefit of protecting domestic industries for the country imposing them.

Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, like Harley-Davidson motorcycles and bourbon, to pressure U.S. leaders.

Trade relations between Beijing and Washington risk descending into all-out conflict, with US President Donald Trump having threatened to impose tariffs on nearly all of Chinese exports to the United States. Europeans claim it is simply protectionism and breaks global trade rules.

The spat is part of a wider tussle over global trade.

Its duties target goods worth $3.3bn (£2.5bn) after the United States imposed tariffs on the bloc's steel and aluminium.

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Canada has announced it will impose retaliatory tariffs on C$16.6 billion (RM50 billion) worth of U.S. exports from July 1.

"We don't want to do anything that would harm consumers", he said on Thursday. "How they'll take it, we'll have to wait and see".

Malmström added that if the USA removes its tariffs, the European taxes would also be lifted.

In trade wars, there tend to many casualties and few winners.

Mr Trump ran for the presidency on a vow to topple seven decades of American policy that had favoured ever-freer trade among nations. India and Turkey have already targeted USA products, ranging from rice to autos to sunscreen.

Xi told a gathering of foreign business executives that after "signs of stability and improvement in the world economy" previous year, "we must also stay vigilant because. we have seen a surge of trade protectionism, isolationism and populism".

The U.S. tariffs hit some $7.5 billion of European products; the EU says that today's measures target almost half that figure, and that it plans to impose a slightly larger block of tariffs later - either in three years, or if/when the WTO rules in its favor.

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