The European Union plans to start imposing tariffs on American imports. These goods will range from jeans to motorbikes from Harley Davidson as from July. This move will be in retaliation against the decision by President Donald Trump to put extra tariffs on steel and aluminum imports from the European Union. All the 28 EU members have supported the move to impose a tax on US imports. This was according to a report that was released by the European Commission yesterday. However, the secretary for international trade in the United Kingdom, Liam Fox, has been reluctant in back in the move by the European Union. The European Union is finalizing the list that it plans on submitting to the World Trade Organization.
However, the trading bloc is aiming at the introduction of rebalancing tariffs on about £2.5bn worth of steel from the United States. The planned tariffs by the EU will also be imposed on US agricultural and industrial products including orange juice, cranberries, peanut butter and bourbon. The European common market has also taken another complaint to the World Trade Organization. The EU has proposed an additional €3.6bn tariffs on US goods if the US continues to impose the tariffs on European steel and aluminum imports. President Trump announced that the US was imposing a 10% tariff on aluminum and 25% tariffs on steel from the European Union citing interests of national security.
Maroš Šefčovič, who is the vice president of the European Commission, told journalists that the European Union had regretted the illegal act by the White House. Šefčovič was speaking in Brussels after holding a meeting with senior officials from the European Union. He added that the tariffs would start taking effect in July. The EC vice-president also noted that the trade tariffs were a proportionate and measured response to the illegal and unilateral decision made by the Trump administration. One of the most vocal advocates of Brexit who goes by the name Fox has been very careful in backing the move by the European Union to impose duties on American imports openly in public.
Fox has also said that the United Kingdom is likely to be handed an exemption from the American tariffs once it leaves the European Union. However, the former prime minister of Finland, Jyrki Katainen, said that the decision made by the EU was on the account that the bloc needed to work together to stand up against the decision by Washington.