Tariffs: EU, Japan Plan Against US

11 March, 2018, 01:11 | Author: Dustin Murphy
  • EU warns Trump on trade war, eyes peanut butter and whiskey tariffs

"In any case, it was announced that the European Union would react to the situation if President Trump's initiative on customs duties on steel and aluminum is realized".

The EU is seeking clarity from Washington about whether the 28-nation bloc will be exempted from the USA tariffs, just like it did to Canada and Mexico.If not, the EU has threatened retaliatory tariffs on US products.

Mr Trump says the measures will "protect the American worker" and fulfil a campaign promise.

A WTO spokesman has said they can not comment on the tariff announcement, adding that they are still unclear on the legal basis for the measures.

The European Union, wonderful countries who treat the US very badly on trade, are complaining about the tariffs on Steel & Aluminum. Malmstroem said the real problem is an oversupply of steel on global markets, and she rejected Trump's assertion that the tariffs are needed to protect USA national security, especially when most European Union countries are members of North Atlantic Treaty Organisation.

The EU said it was considering "all possible responses" including dispute settlement and rebalancing measures allowed under WTO rules, according to the trade official.

Media captionUS tariffs: What do we need to know?


"The loss of exports to the US, combined with an expected massive import surge in the European Union, could cost tens of thousands of jobs in the European Union steel industry and related sectors", said Axel Eggert, head of steel association EUROFER.

The dispute has fueled concerns that soybeans, the United States' most valuable export to China, might be caught up in the row after Beijing launched a probe into imports of US sorghum, a grain used in animal feed and liquor.

Liam Fox, the British Trade Secretary, said he would use a trip to Washington next week to secure a British carve-out from the tariffs. We also asked if the United Kingdom could try to veto adding tariffs to goods exported from the UK.

Within minutes of Trump's announcement, U.S. Republican Senator Jeff Flake, a critic of the president, said he would introduce a bill to nullify the tariffs.

Trump, elected on a promise to roll back the effects of globalisation on the USA economy with an "America First" platform, said Thursday he planned to impose 25 percent tariffs on steel imports and 10 percent on aluminium. It represented $2.2 billion in US exports to the EU. "However, it is our goal to avoid a trade war".

Germany's exports to the United States - its largest trading partner - outweighed imports by €50.5 billion (RM 242.3 billion) across 2017 and €3.5 billion in January this year, figures released by federal statistics authority Destatis showed today.

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