The US president has imposed high tariffs on the imports of aluminum and steel items in exchange for which European Union has raised its voice. The EU has also decided to implement retaliatory tariffs on the US exports.
Cecilia Malmstrom has expressed that EU was not looking forward to taking the decision of implementing steep duties on the items like bourbon whiskey, blue jeans, and motorbikes. She blamed the injustice and unilateral decision on behalf of Donald Trump to be responsible for the decision. With the high tariffs on steel and aluminum, the European Union was left with no other choice but to retaliate in a similar manner.
Brussels had mentioned the other products like sweet corn, peanut butter, cranberries, and orange juice which are under the target. The said list of items was declared when the US president imposed 25% and 10% tariffs on steel and aluminum imports respectively. The target was also directed towards Mexico and Canada, apart from the other allies of the US.
Donald Trump has not suspended his series of decisions of imposing duties on the imports. On Tuesday, he had threatened to implement tariffs on the extra £151 billion or $200 billion Chinese items after imposing various products with tariff worth $50 billion. He further cleared his intention by stating that if China refrains from tweaking the current practices, 10% duties will be initiated in China without any exception.
In return for the threat given by Trump, China has cleared that it won’t sit quietly with the blackmailing from the US and is prepared to fight back with full force.
Though the reason behind the initiation of the tariff was to justify the national security of the US, it is not producing any fruitful outcome. The ongoing trade war is soaring high with negative effects protruding from it.
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