Trade War Latest News

Trade War Latest News

China and Europe retaliate tariffs against US goods

China vowed to “immediately” retaliate to US tariffs on Friday as Washington moved closer to imposing duties that could trigger a trade war.

US President Donald Trump is due to unveil later Friday a final list of roughly $50 billion in Chinese imports that would face punishing tariffs, though his administration has not yet publicly said when the measures will be imposed.

China’s list included America’s largest exports to China such as soybeans and a slew of other US products including cars, frozen beef, and whiskey.

If implemented, the tariffs will dent economic growth on both sides of the Pacific, analysts say.

Europe

The European Union will levy goods coming from America with tariffs worth €2.8 billion ($3.3 billion) after Washington applied tariffs on steel and aluminum from Europe, AFP and Reuters have reported.

The measures will be adopted by the European Commission, whose next scheduled meeting is June 20, according to Reuters. The tariffs should be in place by late June or early July.

“Member states have today unanimously supported the commission’s plan for the adoption of rebalancing measures on the US tariffs on steel and aluminum,” a European Commission source told AFP on condition of anonymity.

“The EU will exercise its rights on US products valued at up to €2.8 billion ($3.3 billion) of trade, as notified to the WTO,” the commission source added in an interview with AFP.

The retaliatory measures will hit emblematic American exports like Harley-Davidson motorcycles, bourbon whiskey, blue jeans and other goods.

The US recently imposed tariffs on steel and aluminum coming from its allies in the European Union, Mexico and Canada. The trade penalties, 25 percent on imported steel and 10 percent on imported aluminum, took effect on June 1.

Leaving the G7 summit in Quebec, Canada, US President Donald Trump once again targeted economies including India for using his country as a piggy bank, as he criticized the import tariff policies.

From Quebec, Trump jetted off to Singapore for a meeting with North Korean leader Kim Jong-un, but not before he called host Canada’s Prime Minister Justin Trudeau ‘meek’ and ‘mild’.

We are like a piggy bank, says Donald Trump

 

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