The European Union will begin implementing tariffs on EUR2.8 billion ($3.2 billion) worth of goods imported from the U.S. on Friday, the European Commission said Wednesday.
The “rebalancing measures” are in response to the U.S. imposing respective tariffs of 25% and 10% on aluminum and steel imports from the EU on June 1, the commission said. Agricultural goods and other U.S. products will also be hit with levies.
“The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules,” Cecilia Malmström, the European Union’s trade commissioner, said in a statement. (http://europa.eu/rapid/press-release_IP-18-4220_en.htm).
The EU may impose tariffs on another EUR3.6 billion worth of U.S. goods “at a later stage -- in three years’ time or after a positive finding in WTO dispute settlement if that should come sooner.” U.S. President Donald Trump has said the tariffs are aimed at protecting the U.S. steel industry.
-Carla Mozee
For more from MarketWatch: http://www.marketwatch.com/newsviewer
(END) Dow Jones Newswires
June 20, 2018 07:16 ET (11:16 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
