Trade war looms as EU to retaliate against Trump's tariff plan
- 6 years ago
The European Union is ready to retaliate against U.S. President Donald Trump's proposed tariffs on imported steel and aluminum,... by imposing higher tariffs on American-made goods.
As a possible trade war looms between Brussels and Washington,... the White House says Trump's tariff announcement may come by the end of this week.
Kim Hyo-sun reports. The EU has warned Washington that it will place tariffs on American-made products if the Trump Administration follows through on its plan of imposing tariffs on imported steel and aluminum.
In its latest rebuke to Trump's proposed tariffs,... the world's biggest trading bloc said it would impose higher import duties on cranberries, industrial products and other major goods made in the U.S.
The EU is also mulling over filing an official complaint with the World Trade Organization,... as well as raising safeguard tariffs to protect its steel industry against shipments diverting to the EU from the U.S.
The EU's top trade official explained on Wednesday that President Trump's plan,... a blanket tariff of 25 percent on imported steel and ten percent on aluminum,... would put thousands of European jobs in jeopardy.
"I truly hope that this will not happen,... but if it does happen, we will have to make measures to protect European jobs and workers."
While the commissioner also asked Washington to reconsider its new measures,... the White House plans to make an announcement on the tariff plan by the end of this week.
Meanwhile,... following intense debate within the administration regarding President Trump's proposed tariffs,... top economic adviser Gary Cohn has stepped down.
Kim Hyo-sun, Arirang News.
As a possible trade war looms between Brussels and Washington,... the White House says Trump's tariff announcement may come by the end of this week.
Kim Hyo-sun reports. The EU has warned Washington that it will place tariffs on American-made products if the Trump Administration follows through on its plan of imposing tariffs on imported steel and aluminum.
In its latest rebuke to Trump's proposed tariffs,... the world's biggest trading bloc said it would impose higher import duties on cranberries, industrial products and other major goods made in the U.S.
The EU is also mulling over filing an official complaint with the World Trade Organization,... as well as raising safeguard tariffs to protect its steel industry against shipments diverting to the EU from the U.S.
The EU's top trade official explained on Wednesday that President Trump's plan,... a blanket tariff of 25 percent on imported steel and ten percent on aluminum,... would put thousands of European jobs in jeopardy.
"I truly hope that this will not happen,... but if it does happen, we will have to make measures to protect European jobs and workers."
While the commissioner also asked Washington to reconsider its new measures,... the White House plans to make an announcement on the tariff plan by the end of this week.
Meanwhile,... following intense debate within the administration regarding President Trump's proposed tariffs,... top economic adviser Gary Cohn has stepped down.
Kim Hyo-sun, Arirang News.