After China, EU Hits Back At US Tariffs Worth Over €20 Billion On Goods

<p>After China hit back at Donald Trump’s 104 per cent tariffs by raising its own tariffs on American goods from 34 per cent to 84 per cent, the European Union (EU) also introduced its first round of retaliatory measures on Wednesday. According to a European Commission statement, these new tariffs target over 20 billion euros worth of US products, including soybeans, motorcycles, and beauty items.</p>
<p>The EU’s countermeasures will be implemented in three stages: the first set in mid-April, the second will be imposed in mid-May, and the final round will go on December 1.</p>
<p>As reported by Bloomberg on Wednesday, most of the EU member states supported targeting politically sensitive American states, which is scheduled to be effective in mid-April. The tariff will have an impact on items such as soybeans from Louisiana, diamonds, agricultural products, poultry, and motorcycles.</p>
<p>Currently, EU exports face 25 per cent US tariffs on steel, aluminum, and vehicles, in addition to a broader 20 per cent tariff on most other goods. The situation marks a deepening of the transatlantic trade conflict, as the US has already placed 25% duties on European cars and select auto parts.</p>
<h2>Retaliatory Actions Could Be Reversed: EU</h2>
<p>President Trump has also signaled plans for further tariffs on goods such as lumber, semiconductor chips, and pharmaceuticals&mdash;potentially affecting about 380 billion euros in EU exports.</p>
<p>The European Commission emphasised that these retaliatory actions could be reversed if the US agrees to a fair and balanced resolution. These latest measures come in response to earlier US duties on steel and aluminum, while the EU’s reaction to Trump&rsquo;s newest tariff proposals remains forthcoming.</p>
<p>Meanwhile, after retaliatory tariffs on the US, the Chinese finance ministry announced that these additional tariffs will be imposed on goods from the US from April 10, according to a report by news agency Reuters. Previously, Beijing had announced a retaliatory tariff on American goods of 34 per cent.</p>
<p>The commerce ministry of China also announced the addition of 12 US entities to its export control list, including 6 American entities to its “unreliable entity” list. Following the announcement, the US stock index futures also allegedly took a sharp drop.</p>
<p><strong>ALSO READ | <a title=”” href=”https://news.abplive.com/news/world/us-president-donald-trump-says-world-leaders-are-kissing-my-a-for-negotiating-tariff-deals-1763958″ target=”_blank” rel=”noopener” data-toggle=”tooltip” data-html=”true” data-original-title=”Story ID: 1763958″ aria-describedby=”tooltip25777″> Trump Says ‘World Leaders Are Kissing My A** For Negotiating Tariff Deals'</a></strong></p>