European Union slaps retaliatory tariffs on U.S. goods

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

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

But, he said, the move could hurt India's economic growth as the country diversifies its exports, as well as prompt India "to re-look at US relations as undependable".

China is "fully prepared" to respond to any new list of USA tariffs, according to a commerce ministry spokesman, who said the nation will use a combination of quantitative and qualitative measures.

On March 1, President Donald Trump announced that the United States would be imposing a 25 percent global tariff on all steel imports to the US and a 10 percent global tariff on all aluminum imports.

Together the trade battles have raised the spectre of a global trade war, spooking financial markets that fear major consequences to the world economy.

Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, like Harley-Davidson motorcycles and bourbon, to "make noise" and put pressure on US leaders. "However, the unilateral and unjustified decision of the United States to impose steel and aluminum tariffs on the European Union means that we are left with no other choice".

"We are left with no other choice", Malmstrom said in a statement.

The EU put some 180 types of products on its tariffs list, from agricultural products like orange and cranberry juice to steel and aluminium items to manufactured goods, such as makeup, clothes, and boats.

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

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The also locked in a tariff showdown with China, after President Trump said he would use the import taxes to try to shift the balance of trade between the world's top two economies.

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

Some of the products chosen are created to target the states of Republicans, who are seeking to retain control of both chambers of the US Congress in November elections.

The remaining US products valued at 3.6 billion euros will take place at a later stage, either in three years' time or after a positive finding in WTO dispute settlement if that should come sooner.

On May 31, the White House announced that it would be ending the exemptions at the end of that day. But if both exports and sales of United States companies inside China are measured, the USA has a surplus of US$20 billion with China, according to Deutsche Bank AG.

Pressuring companies through bureaucratic means "is a practice that the Chinese have used for a long time, and our companies are on guard", Mr William Zarit, chairman of the American Chamber of Commerce in China, said on Bloomberg Television.

Economists noted that the amount of money involved with India's levies dwarfed in comparison with that of China - U.S. -India trade was $126 billion past year, while U.S.

"We don't want to do anything that would harm consumers", he said.

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