ACCORDING TO AN EUROPEAN COMMISSION DOCUMENT, SEEN BY BLOOMBERGThe EU wants to set 25% tariffs on various US imports

A.V. (translated by Cosmin Ghidoveanu)
English Section /

The European Union (EU) intends to apply tariffs for imports of 2.8 billion Euros (3.5 billion dollars) in the US, from T-shirts and bourbon, to motorbikes, if American president Donald Trump continues its plan to impose 25% tariffs for foreign steel acquisitions, according to Bloomberg.

A document of the European Commission, obtained by Bloomberg News, shows that the EU intends to apply customs taxes to a range of consumer goods, agricultural and steel, imported from the US. According to the source, the Commission has discussed the measures in question with the representatives of the governments of the EU in a meeting which took place Monday night in Brussels.

Last week, Donald Trump announced that he would impose tariffs of 25% on steel imports and 10% on aluminum ones. The information led to the drop in the price of shares in the sector, as investors were getting ready for a trade war.

Peter Navarro, who is in charge of the trade policy department in the White House, said that even though there would be some exemptions from those tariffs for certain uses of the concerned products, there will be no exemption for countries.

OMC: "There is a risk of the beginning of a deep recession"

The head of the World Trade Organization (WTO), Roberto Azevedo, asked the member states to "prevent the fall of the first dominos" of a trade war and warned that there is a real risk of escalation of trade barriers and the beginning of a deep recession.

The EU, Mexico, Japan, Australia, China, South Korea, Brazil, Norway, Canada, India and Venezuela have also warned about the effects of Trump's measure and have asked the US to think it over.

Goldman Sachs criticizes the intention of Donald Trump

American investment bank Goldman Sachs Group Inc. has criticized Donald Trump's plan, and mentioned that it raises the risk of harming the greatest economy in the world.

"Import duties will make the United States less competitiveness, by raising the price of commodities", the American bank warned, and added: "Imposing tariffs on all imports of steel and aluminum will have a greater impact on Canada, Mexico and the EU, and ironically, will diminish the impact on China and Russia".

European carmakers are asking the US to reconsider the introduction of tariffs on vehicle imports

European carmakers have asked American president Donald Trump to reconsider the introduction of tariffs on car imports from the European Union, amid fears over a trade war.

"European producers don't just export cars to the US, they also have important plants there, providing jobs globally and generating tax revenues. Indeed, the biggest plants of some European carmakers are not in the EU, but in the US", said Erik Jonnaert, secretary general of the European Association of European Car Makers (ACEA), who added: "International trade is a basic pillar of the competitiveness of the European car industry".

Hakan Samuelsson, CEO of Volvo Cars, said: "If we look at the big picture, I think everyone will realize that openness and free trade are good for everybody".

The free trade between the EU and the US represents approximately 10% of the total trade between the two regions. The US are the biggest destination for car exports from the EU, and last year the United States were the third biggest exporter of vehicles to the EU, representing 15% of the general imports of the EU, according to the ACEA.

The EU executive has extended by another five years the current antidumping taxes imposed on laminated pipes and corrosion resistant steel imported from China.

The taxes, imposed initially in 2011, range from 48.3% to 71.9%, insure fair competition terms and provide enough room for the EU producers in France, Spain and Sweden.

This week, president Donald Trump suggested that the customs tariffs for steel imports from Canada and Mexico depend on the signing of a new trade agreement with those countries.

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