The EU has declared it shall apply tariffs on major products imported into Europe from the US, as a response to President Donald Trump’s imposing of heavy tariffs on US imports of steel and aluminium.
Earlier today, President Trump announced a global tariff of 25 percent shall be placed on steel, as well as one of 10 percent for aluminium from next week.
Reuters has reported that ‘the European Union is considering applying 25 percent tariffs on $3.5 billion of goods – a third steel, a third industrial goods and a third agricultural – to“rebalance” bilateral trade.’
Indeed, Jean-Claude Juncker, the President of the European Commission, has announced that ‘we will put tariffs on Harley-Davidson, on bourbon and on blue jeans – Levis,’ all very high-status products imported to Europe from the US.
‘We are here and they will get to know us,’ Mr. Junker continued. ‘We would like a reasonable relationship to the United States, but we cannot simply put our head in the sand.’
Talking of the prospect of a trade war on Twitter, President Trump claimed that if one would be fought, it would be ‘easy to win’ for the US.
More to follow.