Worldwide

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".



Like this

loading...
loading...

Latest


24 January 2020
The Premier Escape Room Experiences in Edmonton and Calgary
On top of that we will provide you and your group with a dedicated Game Master who will monitor and work with onlyyour group. So what makes Escape Hour unique? First of all, every one of our escape rooms or exit games is a completely private event.

30 August 2019
The FIBA Basketball World Cup Is Starting, Can Someone Stop Team USA?
The two Balkan sides have a bunch of NBA stars in their ranks, as well as players from the top European basketball leagues. The teams will then have the chance to rest for 2 days, before returning for the second group stage on September 7 th .

04 March 2018
Chilton Capital Management Boosted By $9.67 Million Its Simon Ppty Group New (SPG) Position; 26 Bullish Analysts Covering Nabors Industries Ltd. (NBR)
Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores closest to one being the most favorable. The firm has "Buy" rating given on Wednesday, July 22 by Canaccord Genuity. (NYSE:SPG) on Monday, August 17 to "Buy" rating.

04 March 2018
Katie Archibald & Emily Nelson win madison gold
Everyone goes on the same joyous wave in this Olympic cycle with the Madison getting so much attention. Compatriot Jack Carlin added to the medal tally with silver in the men's sprint later on Saturday.

04 March 2018
Trump sparks trade war fears, stocks down
The S&P 500 lost 3.59 points, or 0.13%, to 2,674.08 and the Nasdaq Composite added 25.30 points, or 0.35%, to 7,205.87. The greenback was almost 0.5 percent lower at 105.75 yen after touching 105.70 earlier, its lowest since February 16.

04 March 2018
Amtrak working to restore service following coastal storm
Service between New York City and Boston was suspended earlier Friday because of flooding and downed trees in the area. Keystone Service between NY and Harrisburg is also operating on a modified service plan, Amtrak said in a statement.

04 March 2018
What's in IAC/INTERACTIVECORP (NASDAQ:IAC) After Decline in Shorted Shares?
Cibc Asset Management Inc owns 0% invested in ** SEE IAC (NASDAQ:IACI) for 5,483 shares. 3,627 were accumulated by Ww Asset Inc. Ameriprise Fin Incorporated invested 0% of its portfolio in ** SEE IAC (NASDAQ:IACI). 3,611 are owned by Canandaigua Natl Bank.

04 March 2018
Josh Allen's flashes speed, accuracy at combine
Despite sending tape to almost every coach in the country, Allen got no NCAA Division I-A offers coming out of high school. For Josh Allen , Jordan Palmer was the right choice, in his mind, to fill this important role.

04 March 2018
Three Children Found Living In A Wooden Box In The Desert
Upon discovering them, authorities called Children and Family Services, who immediately drove them to the hospital for treatment. During a brief court appearance, the pensioner - who was pictured smirking - said: "I am wondering why all this is happening".

23 June 2017
Marvel Looks To Shake Its Poor Gaming Reputation
The games are well designed with attractive graphics and extensive content, but neither is viewed as a flawless experience. These games tend to be actually well done for what they are, and in a way they’ve been the pride of Marvel gaming.