European Union slaps retaliatory tariffs on United States goods

European Union slaps retaliatory tariffs on United States goods

In two weeks, the USA is due to start taxing $US34 billion in Chinese goods.

Luxury carmakers Daimler and BMW joined American farmers and Chinese solar panel and steel makers among the first casualties in what looks set to become a bitter trade war on a global scale of a kind not seen since the 1930s. Mexico put tariffs on American products ranging from steel to pork and bourbon two weeks ago.

Brussels imposed the raft of duties on U.S. products worth 2.8 billion euros (USD 3.3 billion) in a tit-for-tat response to Trump's decision to slap stiff tariffs on European steel and aluminium exports.

She called the European Union response proportionate and in line with World Trade Organization rules and said that they would be removed if Washington removed its metal tariffs. Indian-U.S. trade relations are thorny even in the best of times, analysts say, with the United States pushing for market access and voicing concerns over intellectual property rights while India wants protections for its citizens on foreign worker visas.

Economists noted that the amount of money involved with India's levies dwarfed in comparison with that of China - U.S. -India trade was $126 billion a year ago, while U.S.

"What we have to do is create an environment where it's more painful for these parties that have these huge trade barriers, both tariff and non-tariff; got to make it more painful for them to keep those barriers than to get rid of them", U.S. Commerce Secretary Wilbur Ross told broadcaster CNBC on Thursday.

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"The Irish whiskey industry has been a major beneficiary of global free trade and EU-led free trade agreements".

Trump claimed America had been obliged to levy the metals tariffs as it has been exploited as the world's "piggy bank". Trump is also looking at new tariffs on auto imports, opening a new front in the trade war. "In other words, China should focus on its domestic affairs".

Cranberries, cranberry juice, orange juice, sweetcorn and peanut butter are among the other food products targeted.

Beijing has yet to set a tariff activation date for the remaining 114 USA products, which include crude oil, coal and a host of refined fuel products.

The tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU's official journal, will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China. "Of course there are risks, those would depend on how we handle those reforms".

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