European Union tariffs on U.S. products have gone into force

An investor checks stock information on a mobile phone at a brokerage house in Shanghai China

President Donald Trump has threatened to hit $200 billion in Chinese exports with tariffs, in addition to goods worth $50 billion the USA has already targeted.

The EU's reactive charges on €2.8bn (£2.4bn) worth of United States goods came into force on Friday morning, with European Commission president Jean-Claude Juncker slamming the White House for acting against "all logic and history".

Malmström added that if the US removes its tariffs, the European taxes would also be lifted.

The Commission formally adopted a law putting in place the duties on 2.8 billion euros (RM12.9 billion) worth of USA goods, including steel and aluminium products, farm produce such as corn and peanuts, bourbon, jeans, and motorcycles. The EU does not rely on the a market for its steel exports as much as Canada or Mexico, which are also being hit by the USA tariffs and stand to lose more.

However, China accused the U.S. of an act of "extreme pressure and blackmail" and said it would respond with "strong countermeasures". Oxford Economics said the consequences could be much greater if Trump imposed tariffs on cars, which leaders from both American and European vehicle manufacturers have said would lead to net job losses in the US.

European Union officials imposed duties on American goods worth £2.4bn (€2.8bn) today, including bourbon whiskey and motorbikes.

India had sought to be exempt from the new US tariffs on steel and aluminum, arguing its exports were small in comparison to other countries, but got nowhere.

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Adding as much as £200m per year to the cost of consumer goods arriving in Britain from the United States, the measures came after Donald Trump imposed additional tariffs on imports of steel and aluminium shipped from the EU. If the trade dispute continues or is not resolved by the WTO, the European Union could target a second batch of American exports worth around €3.7 billion ($4.3 billion).

The initial wave of European Union retaliatory tariffs is aimed at American goods worth €2.8 billion ($3.2 billion).

According to the China Daily, the USA is trying to preserve the global economic system, which is working to America's benefit.

The EU countermeasures cover a total of around 200 categories of US products also including various types of corn, rice, orange juice, cigarettes, cigars, t-shirts, cosmetics, boats and steel.

The White House refused to exempt its traditional allies from worldwide tariffs on steel and aluminium, which Trump argues are necessary to protect U.S. jobs and industry. The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion. Bejing will respond in kind.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22.

Asian stocks fell, extending the worst week for regional equities since late March, amid concern global trade restrictions will curb growth.

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