The Import Taxes War/Game escalates…..
The European Union hit back Wednesday at President Donald Trump’s steel and aluminum tariffs with its own levies, announcing tariffs on billions of dollars’ worth of products, including bourbon and motorcycles, while warning of further retaliation.
The U.S. decision raising tariffs on steel and aluminum to 25 percent for global imports is the latest salvo in Trump’s ongoing campaign to reshape America’s trading relationship with the rest of the world. European leaders have for months planned to swiftly retaliate, even as they have emphasized that a trade war would hurt both sides and tried to negotiate an off-ramp with the Trump administration.
With a deal still elusive, the E.U. executive branch, the European Commission, said that starting April 1, the bloc will reimpose tariffs dating to Trump’s first term. It will then place extra measures on more than $19 billion in products by mid-April after consulting with E.U. member states….
“We deeply regret this measure,” European Commission President Ursula von der Leyen said in a statement Wednesday, as she and other European officials indicated that they were still ready to negotiate. “Jobs are at stake, prices up, nobody needs that.”
During Trump’s first term, the bloc had raised tariffs on a variety of products in response to U.S. measures, which were later suspended after negotiations during the Biden administration. The pause will now be allowed to expire April 1, reimposing the higher E.U. levies…
Leave a Reply
You must be logged in to post a comment.