EU targets $3.5 billion of US imports for trade retaliation

EU targets $3.5 billion of US imports for trade retaliation”

"In its imagined post-Brexit role as the vanguard for global free trade, it must remember that not everyone is on the same page and not everyone is playing by the same rules".

The EU is considering applying 25% tariffs on $3.5 billion of imports from the US.

The European Commission has taken note of the announcement by the President of the United States of the imposition of restrictions in the form of an import surcharge on EU exports to the USA of steel and aluminium.

He did not specify if the tariffs would target specific countries, but his announcement caused an outcry among U.S. allies such as Canada, the EU, Mexico and Australia as well as China, the world's biggest steel producer.

The firm response Europe has pledged to planned US tariffs on steel and aluminum imports is likely to stop short of triggering the trade war that open market supporters fear.

"We must show that we can also take measures".

He said the tariffs would have a "major impact" on the European economy, citing producers with operations with France like the global steel giant ArcelorMittal and Vallourec, a world leader in industrial tubing, among those that would be affected. European Commission president Jean-Claude Juncker said on Thursday that they are "a blatant intervention to protect USA domestic industry and not to be based on any national security justification".

"Protectionism can not be the answer to our common problem in the steel sector".

The IMF, he said, is concerned that the measures proposed by the USA will, de facto, expand the circumstances where countries use the national-security rationale to justify broad-based import restrictions. The Commission will monitor market developments and if necessary will propose WTO-compatible safeguard action to preserve the stability of the European Union market.

European Commission chief Jean-Claude Juncker vowed that the bloc "will react firmly" to defend its interests.

A defiant Trump reacted to mounting criticism by saying Friday that a trade war would be "good" for the United States economy. "The Commission will bring forward in the next few days a proposal for WTO-compatible countermeasures against the USA to rebalance the situation".

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