The European Union has retaliated in kind against the US over its imposition of tariffs on its allies last week by unanimously endorsing a plan to impose import duties on $3.3bn worth of American products.
There is now a looming threat of a global trade war after the move by the EU which is in direct response to Washington’s tariffs on steel and aluminium imports from Canada EU and Mexico.
“Member states have today unanimously supported the commission’s plan for the adoption of rebalancing measures on the US tariffs,” a European Commission source said, adding that they would be implemented “in coming days.”
According to reports the retaliatory tariffs against the US’ painful duties should be in place by late June or early July even as the “counter-balancing measures” still need to be adopted by the European Commission, whose next meeting is scheduled for June 20.
Last weekend, US President Donald Trump cut an isolated picture as he hurriedly left the fractious G7 summit marred by trade threats and tensions over tariff dispute.
Reports say Trump left the meeting in the Quebec resort town of La Malbaie early to head to Singapore for a much-anticipated summit with North Korea’s leader Kim Jong-un on June 12.
Before his departure, Trump accused his G7 counterparts and other nations of “unfair” trade practices and of treating the US like a “piggy bank”.
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