European Union to impose duties on United States imports on Friday after Trump tariffs

European Union to impose duties on United States imports on Friday after Trump tariffs

In March, President Trump pledged to impose 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports from Canada, Mexico and the European Union.

The products affected by the move range from agricultural produce such as rice and orange juice to jeans, bourbon, motorbikes and various steel products. "Our response will have to be proportionate, reasonable and intelligent".

"Changes in trade policy could cause us to have to question the outlook", Federal Reserve Chairman Jerome Powell said during a panel discussion at a European Central Bank conference in Sintra, Portugal. "The travails of the United States economy have been the result of the costly wars the USA has pursued and the damage done by the greed and dubious practices exposed by the subprime crisis".

When the USA tariffs on steel and aluminum went into effect on June 1, the European Union said they were "illegal", pledged to impose its own tariffs, and filed a case against the U.S.at the World Trade Organization. Europeans claim that breaks global trade rules.

The world's most-powerful central bankers this week warned that escalating worldwide trade tensions have started damaging confidence among companies, threatening the global economic expansion. China also hinted that another $16 billion in tariffs could be slapped onto more American goods, such as coal, crude oil, natural gas and medical equipment.

From blue jeans to motorbikes and whiskey, the EU's hit-list of products targeted for tariffs with the U.S. reads like a long list of emblematic American exports. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of USA factory jobs.

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China says will hit back if the latest tariff threats from Trump materialize, while India slaps retaliatory levies on United States goods.

Mexico placed tariffs on American products ranging from steel to pork to bourbon two weeks ago. "It's going to hit customers, that's for sure".

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

If the plan were accepted, it would mean scrapping the EU's 10 percent tax on vehicle and auto imports from the USA and other nations and the US dropping the 2.5 percent duty it puts on similar imports from the EU.

"While average trade-weighted US -imposed tariffs on its imports are lower than those imposed by the EU, Canada, Mexico and China, the difference is marginal", he noted.

It had previously registered the move with the World Trade Organization (WTO).

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