EU Tariffs to US Start Friday

European Union tariffs on products from the United States will go into effect on Friday.
The European Commission announced Wednesday that it had approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion).

The tariffs will hit American products including motorcycles, orange juice, bourbon, peanut butter, motor boats, cigarettes and denim. They are a response to the Trump administration’s tariffs on steel and aluminum exports from Europe.



“We did not want to be in this position,” said EU trade official Cecilia Malmström. “The unilateral and unjustified decision of the US to impose steel and aluminum tariffs on the EU means that we are left with no other choice.”
The European Union has also filed a case at the World Trade Organization.

If the trade dispute continues or is not resolved by the WTO, the European Union said a second batch of American exports worth around €3.7 billion ($4.3 billion) a year could eventually be targeted.

That list includes roughly 160 products such as US sunbeds, paper towels, corduroy pants and porcelain tableware.

via CNN

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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