Monday, 16 July, 2018

European Union slaps retaliatory tariffs on U.S. as trade war rattles markets

2017 shows U.S. President Donald Trump and Chinese President Xi Jinping attending a welcome ceremony in Beijing. Trump announced tariffs on $60 billion of imports from China Trump Trade Advisor Says U.S. Turned to Tariffs after Negotiations Made ‘No Progress’ with China Kyodo News via Getty Images 19 Jun 2018Washington DC
Kenneth Drake | 22 June, 2018, 18:58

The possibility of such a war has been in focus after US President Trump announced tariffs on Chinese goods and China retaliated with tariffs on most agricultural imports from the US.

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.

The U.S. Commerce Department is investigating whether imports of automobiles and auto parts pose a risk to national security. Increased tax burden on goods from imposed duties is also carried by the end user.

Calling the European Union response proportionate and in line with World Trade Organisation rules, she said that they would be removed if Washington removed its metal tariffs. Trump imposed tariffs of 25 per cent on steel imports and 10 per cent on imported aluminium from the European Union on June 1.

Other countries hit by the United States tariffs have also retaliated, raising fears of a global trade war.


A spokesman for Prime Minister Theresa May said she expects to discuss trade tariffs with the United States president during his UK visit in July. "However, the unilateral and unjustified decision of the United States to impose steel and aluminium tariffs on the EU means that we are left with no other choice", EU Trade Commissioner Cecilia Malmstrom said.

Those personally in the line of fire are among the most concerned.

Late last month, Trump proceeded to infuriate US allies - from the European Union to Canada and Mexico by imposing tariffs of 25 percent on imported steel and 10 percent on aluminum. "It's going to hit customers, that's for sure".

The United States has imposed tariffs on Canada, Mexico and £25bn in Chinese goods.

Trump ran for the presidency on a vow to topple seven decades of American policy that had favored ever-freer trade among nations. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the US that were made here. 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. So even if the United States and China are having this battle, trade diversion means what may happen is that many of their market groups will be dumped on other markets to ensure that they don't overconsume or overproduce.

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