After India, now European Union slaps additional tariffs on the US

After India, now European Union slaps additional tariffs on the US

The United States attacked first, imposing tariffs on steel and aluminium from around the globe and threatening to hit tens of billions of dollars on Chinese products.

European Union trade official Cecilia Malmström said that the European Union "did not want to be in this position", but that it had no choice.

Malmström added that if the USA removes its tariffs, the European taxes would also be lifted.

The products affected by the move range from agricultural produce such as rice and orange juice to jeans, bourbon, motorbikes and various steel products. Canada's retaliatory measures begin on July 1, and Mexico and other nations have also announced they will respond.

"The woes the administration is inflicting on Chinese companies do not simply translate into boons for USA enterprises and the U.S. economy", the state newspaper said in an editorial headlined "Protectionism symptom of paranoid delusions". But, he said, the move could hurt India's economic growth as the country diversifies its exports, as well as prompt India "to re-look at USA relations as undependable". Mexico imposed tariffs on American products ranging from steel to pork and bourbon two weeks ago. India and Turkey have already targeted USA products, ranging from rice to autos to sunscreen.

The bloc has been threatening reprisals for President Donald Trump's unilateral decision to slap steel and aluminium entering the United States with duties, which began earlier this month.

Stocks slump in global sell-off after Trump's China tariff threats
The process of negotiating a settlement "is now likely to become more protracted", said Morgan Stanley economists in a report . The small-cap Russell 2000 index, whose components are relatively more insulated to a global trade war, was down 0.51 percent.

What tariffs is the European Union imposing?

The European Union is set Friday to slap tariffs on $3.4 billion in American products, from whiskey and motorcycles to peanuts and cranberries.

Most economists say the outcome of higher global import tariffs will drive up costs for consumers, offsetting much of the benefit of protecting domestic industries for the country imposing them.

Economists noted that the amount of money involved with India's levies dwarfed in comparison with that of China - U.S. -India trade was $126 billion a year ago, while U.S.

As painful as the brewing trade war could prove, many have seen it coming. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

"It is deeply regrettable that the US has been capricious, escalated the tensions, and provoked a trade war", Gao said.

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