EU slaps tariffs on US as trade war erupts

Brussels, June 22: European Union has slapped tariffs on iconic US products including bourbon, jeans, and motorcycles in its opening salvo in a trade war with President Donald Trump.

 

According to the EU's official journal, the tariffs which took effect at midnight will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China.

Brussels imposed the raft of duties on US products worth 3.3 billion dollars in a tit-for-tat response to Trump's decision to slap stiff tariffs on the European steel and aluminum exports.

Customs agents across Europe's colossal market of 500 million people will now impose the duty, hiking prices on US-made products in supermarkets and across factory floors.

EU Trade Commissioner Cecilia Malmstrom said this week that the 28-nation bloc was left with no other choice but to impose tariffs of its own after the unilateral and unjustified decision of the US.

Recently German Chancellor Angela Merkel had said European Union (EU) will implement counter-measures against US tariffs on Steel and Aluminium just like Canada. In an interview following the G7 summit, Merkel said the European Union is preparing counter-measures against US tariffs on steel and Aluminium imports, in line with World Trade Organisation rules.

And also the Finance Ministers of Group of Seven nations had urged Trump to reverse his decision to impose new tariffs on steel and aluminium imports.