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 Mr Trump’s decision to slap stiff tariffs on the European steel and aluminium 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.
Source: AIR