US exempts some Japanese goods from steel tariffs

22 June, 2018, 20:55 | Author: Gerard Cortez
  • Industrial Views Across The Dee Valley

The European Union will start imposing duties on a list of US products as of Friday in response to President Donald Trump's decision to slap tariffs on steel and aluminium imports from Europe.

"Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!", he said in a tweet.

The EU tariffs on $3.4 billion worth of USA products are in retaliation for duties the Trump administration has imposed on European steel and aluminum and are seen as "rebalancing charges". "Our response will have to be proportionate, reasonable and intelligent".

"We did not want to be in this position", EU Trade Commissioner Cecilia Malmstrom said in a statement.

"We oppose the act of extreme pressure and blackmail by swinging the big stick of trade protectionism", a China's Commerce Ministry spokesman said Thursday. In 2017, 17.2m vehicles were sold in the U.S., compared with 15.6m in the EU and European Free Trade Association countries.

India raised tariffs on a slew of items in retaliation for the United States imposing higher levies on some products shipped from the South Asian nation, echoing steps taken by China, the European Union and other trading partners.

Its duties target goods worth $3.3bn (£2.5bn) after the United States imposed tariffs on the bloc's steel and aluminium.

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European Commission president Jean-Claude Juncker said duties imposed by the U.S. on the EU go against "all logic and history".

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. The EU imposes a 10 percent tariff on imported USA cars.

The U.S. Trade Representative said in April that the United States' trade deficit with India had fallen to $23 billion in 2017, a 6 percent decrease, as U.S. goods exported to India rose almost $26 billion, up 18 percent from the previous year. He is also targeting European Union auto imports with a U.S. probe now underway. The tariffs, which had been announced earlier this year, had previously been expected to come into force next month.

One of the most frequently discussed items on the E.U.'s list is bourbon, a specialty from the home state of Senate Majority Leader Mitch McConnell (R-Ky.).

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.

American tariffs on steel and aluminum have also hit Canada, Mexico, India, Turkey and India. In fact, the president responded to the E.U.'s duties Friday morning by threatening to impose a 20 percent tariff on all foreign-made cars.


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