European Union says retaliatory tariffs on U.S. to kick in Friday

The agreed European Union countermeasures will initially target a list of USA goods worth $3.2 billion (€2.8 billion), most of which will be hit with import duties of 25 percent.

The European Union will from Friday start taxing a range of imports from the USA, including quintessentially American goods like Harley-Davidson bikes and cranberries, in response to President Donald Trump's decision to slap tariffs on European steel and aluminum.

The European Union has announced a new range of retaliatory tariffs against the United States, in response to the us revoking the EU's exemption from steel and aluminum tariffs.

"We did not want to be in this position", EU Trade Commissioner Cecilia Malmstrom said in a statement.

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Peanut butter and bourbon whiskey among products on list. "Needless to say, if the USA removes its tariffs, our measures will also be removed".

"We do not want to be in this position", EU Trade Commissioner Cecilia Malmstrom said in a statement, adding that the "unilateral and unjustified" USA decision had left the EU with no choice.

A separate 10 percent tariff will be imposed on imports of playing cards. Warren looks to block Trump pick for consumer agency Trump leading us further down the trade rabbit hole MORE told a Senate panel on Wednesday that the Section 232 tariffs were created to revive the steel and aluminum industries that have been harmed by imports.

The EU exported some 5.5 million tons of steel to the USA previous year.

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In March, Trump made a decision to hit importers with a tariff of 25 percent on steel and 10 percent on aluminum.

Why is the European Union retaliating?

The tariffs will hit $3.2 billion in USA imports to the European Union. Mexico put tariffs on American products ranging from steel to pork and bourbon two weeks ago. The EU does not rely on the U.S.as a market for its steel exports as much as Canada or Mexico, which are also being hit by the US tariffs and stand to lose more.

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