European Union tariffs target United States goods from motorbikes to jeans

Report Germany’s Automakers Throw Up White Flag on Trade Offer to Scrap 10% Tariff			Jesco Denzel  German Federal Government via AP		20 Jun 2018

The goods targeted include typical American exports like bourbon, peanut butter, cranberries and orange juice, in a way that seems designed to create the most political pressure on President Trump and US politicians.

The imposition of tariffs has raised the specter of a full-blown trade war, which could be costly to consumers, jobs and the global economy. 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 equivalent value of €2.8 billion worth of U.S. goods that will be hit by import duties charged by the EU.

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. The EU imposes a 10 per cent tariff on imported USA cars.

The global trade war deepened Thursday with China reiterating it will hit back if the latest tariff threats from Donald Trump materialize, while India followed the European Union in slapping retaliatory levies on United States goods. "However, the unilateral and unjustified decision of the United States to impose steel and aluminium tariffs on the European Union means that we are left with no other choice", the bloc's trade commissioner Cecilia Malmstrom said in a statement on Wednesday.

"We did not want to be in this position".

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

The European Union is enforcing tariffs on $3.4 billion in USA products as of Friday in retaliation to duties the Trump administration has put on European steel and aluminum.

Mr Trump ran for the presidency on a vow to topple seven decades of American policy that had favoured ever-freer trade among nations.

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

In the case of China, even though the world's second-largest economy does not import enough from the United States to match Mr Trump's tariffs dollar for dollar, Beijing can still squeeze American companies in other ways. Beijing has vowed to immediately retaliate with its own tariffs on USA soybeans and other farm products in a direct shot at Mr. Trump's supporters in America's heartland. 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.

Economists and trade analysts worry that there may be no way out of an all-out trade war between the United States and its most vital trading partners.

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