EU, China Prepare New Measures In Their Economic Standoff With U.S.

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EU, China Prepare New Measures In Their Economic Standoff With U.S.

The EU will impose $3.3 billion-worth tariffs on US goods after an administration of US President Donald Trump applied tariffs on steel and aluminum from Europe, AFP and Reuters have reported.

According to reports, the move can be approved in late June.

“Member states have today unanimously supported the commission’s plan for the adoption of rebalancing measures on the US tariffs on steel and aluminum,”AFP quoted an anonymous source in the European Commission. “The EU will exercise its rights on US products valued at up to €2.8 billion ($3.3 billion) of trade, as notified to the WTO.”

It’s reported that these measures will hit various US goods including Harley-Davidson motorcycles, bourbon whiskey and blue jeans. On June 1, 25 percent tariffs on steel and aluminum coming from the EU, Mexico and Canada took effect in the US.

The US-Chinese economic conflict is also developing.

On June 14, Chinese Foreign Minister Wang Yi has announced that China is ready to retaliate against the US confrontational approach in the economic sphere.

The statement came following reports that President Trump had approved a decision to impose new tariffs on Chinese goods. The US already imposed tariffs on over 1,300 Chinese goods. The June decision will expand this list further.

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