EU to impose retaliatory tariffs on US imports from July:

THE EUROPEAN Union on Wednesday announced it will start imposing duties from July on a list of United States products in response to President Donald Trump’s decision to slap tariffs on steel and aluminium imports from Europe.

“The new duties start applying in July,” European Commission Vice-President Maros Sefcovic told reporters. “It is a measured and proportionate response to the unilateral and illegal decision taken by the United States.”

Sefcovic said that formalities in finalising the list should be completed this month. The EU says it will introduce “rebalancing” tariffs on about €2.8 billion (US$3.4 billion) worth of US steel, agricultural and other products, including bourbon, peanut butter, cranberries and orange juice.

Trump imposed tariffs of 25 per cent on steel imports and 10 per cent on imported aluminium from the EU on June 1. He said the move is meant to protect US national security interests, but the Europeans claim it is simply protectionism and breaks global trade rules.

The EU exported some 5.5 million tons of steel to the US last year. European steel producers are concerned about a loss of market access but also that steel from elsewhere will flood in.

The EU – the world’s biggest trading bloc – has also taken its case to the World Trade Organization (WTO). If the WTO rules in its favour, or after three years if the case is still going on, the EU plans to impose further tariffs of €3.6 billion on US products.

“The EU’s reaction is fully in line with international trade law. We regret that the United States left us with no other option than to safeguard EU interests,” Trade Commissioner Cecilia Malmstrom said in a statement.

AP A worker loads steel products on to a vehicle at a steel market in Fuyang in central China’s Anhui province on March 2. The United States has extended tariffs on steel and aluminium to include trading allies Europe, Canada, and Mexico.