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The EU retaliates against 25 % Donald Trump’s tariffs on steel and aluminum in a matter of hours when they take effect, escalating a trade war that rocked financial markets and endangers the global economy.
The European Commission said its measures would affect up to 26 billion euros of US goods, matching US tariffs for European exports and would take effect in April, leaving for some time to negotiate with Washington.
Commission chairman Ursula von der Lane said the EU complains about the US decision and that tariffs are “bad for business, and worse for consumers”.
“These tariffs disrupt the supply chains. They bring uncertainty to the economy. Jobs are at stake. Prices will rise, “said von der Lane.
But she added: “The European Union must act to protect consumers and business.”
Brussels acted after Trump’s tariffs For the import of steel and aluminum into the United States, it came into force on Wednesday, as the US president continued to monitor his trade agenda agenda despite rising concerns about the risk of home recession.
Brussels restored measures introduced during Trump’s first term, including tariffs for iconic American products such as bourbon motorcycles, Jeans and motorcycles at Charlie-Davidson. These will take effect on April 1.
Further measures target industrial products and agricultural products, such as poultry and beef. These should still be approved by EU countries and will take effect in mid -April.
Trump Posted last month That he will impose duties, demolished agreements between his predecessor OEO Biden and US trading partners to allow certain amounts of steel and aluminum to enter the country.
US administration officials have returned the move in response to “foreign players” who say they are responsible for “boosting exports” to America that undermine domestic producers.
Trump has also expanded metal tariffs to apply to a wide range of products containing steel and aluminum, including tennis rackets, exercise bicycles, furniture and air conditioning units.
The move is part of a wider package of protectionist measures introduced by Trump after he took office in January.
Australian Prime Minister Anthony Albanez said on Wednesday that tariffs were “completely unjustified” and “against the spirit” of the “lasting friendship” of peoples.
Australia was released from similar tariffs conducted during Trump’s first term, and steel producers in the country supply the US defense and production sectors.
“This is not a friendly act,” Albaneze said.
The full list of steel and aluminum products subject to taxes is $ 151 billion in imported goods in 2024, according to Simon Renner and Johannes Fritz of St. Gallen for prosperity through trade.
Ted Murphy, a partner at the law firm Sidley Austen, said that Trump’s new metal tariffs represent a “big change” from his approach when he introduced similar taxes in 2018 and allowed exclusions for some products.
“The exceptions to the product were checked through a US government process to confirm that the products were not available in the United States,” Austin said. “So, taking away it will mean that many people will have to pay the tariff because they cannot source these products home.”
On Tuesday, Trump announced that he would double the tariffs related to Canada’s steel and aluminum imports, marking an escalation in his trade war with one of the first three US trading partners, ahead of return course later in the day.
The Canadian province of Ontario, which announced a 25 percent electricity exported to the United States on Monday, announced on Tuesday that it would suspend the indictment in an attempt to de -escalate titles.
Additional notice from Nick Shields in Sydney and Andy Borders in Brussels
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