EU to slap duties on U.S. imports Friday

Bangladesh seeks increased trade ties with Nigeria

The European Commission said on Wednesday it will begin charging import duties of 25 percent on a range of U.S. products on Friday.

This the Commission said is in response to U.S tariffs imposed on EU steel and aluminium early this month.

The move confirms a tit-for-tat dispute that could escalate into a full trade war, particularly if U.S. President Donald Trump carries out his threat to penalize European cars.

The Commission formally adopted a law putting in place the duties on €2.8 billion ($3.2 billion) worth of U.S. goods, including steel and aluminium products, farm produce such as sweetcorn and peanuts, bourbon, jeans and motor-bikes.

“We do not want to be in this position,” EU Trade Commissioner, Cecilia Malmstrom, said in a statement, adding that the “unilateral and unjustified” U.S. decision had left the EU with no choice.

She called the EU response proportionate and in line with World Trade Organization rules and said that they would be removed if Washington removed its metal tariffs. EU steel and aluminium exports now facing U.S. tariffs are worth a total of €6.4 billion.

Donald Trump hit the EU, Canada and Mexico with tariffs of 25 percent on steel and 10 percent on aluminium at the start of June, ending exemptions that had been in place since March.

Canada has announced it will impose retaliatory tariffs on C16.6 billion ($12.5 billion) worth of U.S. exports from July 1. Mexico put tariffs on American products ranging from steel to pork and bourbon two weeks ago.

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

The EU also has in reserve potential tariffs of 10 percent to 50 percent that it could impose on a further €3.6 billion of U.S. imports in three years’ time. 



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