EU Starts List of Tariffs on US Products to Retaliate

The European Commission called for industry views on Friday on a list of U.S. products it will subject to import tariffs, the first step towards measures to counter planned U.S. taxes on European steel and aluminum.

The European Union wants to be exempted from U.S. duties of 25 percent on steel and 10 percent on aluminum that U.S. President Donald Trump approved last week. U.S. Commerce Secretary Wilbur Ross and EU Trade Commissioner Cecilia Malmstrom meet next week to discuss the issue.

The European Commission, which coordinates trade policy for the 28 EU members, has said that, if the EU is not exempted, it should set duties of 25 percent on a range of U.S. products, whose annual imports to the European Union are worth 2.8 billion euros ($3.45 billion).

The 10-page list of products the EU may subject to tariffs ranges from rice to orange juice, make-up, motorcycles, motor boats and stainless sinks. It also includes many metals products for use in construction and industry.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza