Consumers on both sides of the Atlantic face higher prices on a host of goods thanks to president Donald Trump’s decision to impose tariffs on steel and aluminium.
Import levies on the metals came into force on Friday after an exemption for the EU, which had applied since the measures were first announced in March, expired.
The move is part of the US administration’s efforts to protect the country’s struggling steel industry, which has been damaged by an oversupply of the metal which has led to falling prices.
In retaliation, the EU has drawn up a list of more than 100 US goods that it intends to slap tariffs on, ranging from orange juice to motorcycles.
Economists point out that it is normally consumers who pay the price for these additional taxes as importers and retailers simply pass on the extra cost.
So what is likely to be affected?
European Union
Any product on the list of items drawn up by the EU will be affected, including:
- Jeans
- Bourbon whiskey
- Florida orange juice
- Corn
- Steel
- Motorcycles
- Cosmetics
- Pleasure boats
US
Any industry that relies on steel or aluminium is likely to become more expensive, including:
- Construction
- Cars
- Airline tickets
- Beer
- Household appliances
