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EU respond to new US tariffs

Bloc warns of potential taxes on a list of US imports

The European Union has responded to the United States' proposed new tariffs on steel and aluminium imports by threatening to go to the World Trade Organization and impose new tariffs on several US imports to the bloc. 

 

EU trade commissioner, Cecilia Malmstrom, has revealed plans to impose new higher import duties on products including cranberries, orange juice, bourbon, peanut butter, steel, and industrial products. Malmstrom explained that a full list of affected US goods will be made public "very soon". 

 

President Trump's plans to impose a 25% tariff on steel and 10% on aluminium are claimed to be due to a threat to US national security. Whilst the US President took to social media to warn of a potential tax on EU cars. 

 

Writing on Twitter, President Trump said, "If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S. They make it impossible for our cars (and more) to sell there. Big trade imbalance!" 

 

Malmstrom responded, "We have serious doubt about that justification. We cannot see how the European Union, friends, and allies in NATO, can be a threat to national security in the US. We find that assumption deeply unjust. We have made clear that if a move like this is taken, it will hurt the European Union, it will put thousands of European jobs in jeopardy, and it has to be met by a firm and proportionate response." 

 

Predict what impact the ongoing trade dispute has on currency markets. You can trade the Euro and US Dollar using any broker available at Spread Betting. 

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