US hit with $3.2 billion in tariffs by EU

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Wednesday, the European Union hit the US with retaliatory tariffs on goods this week in response to President Donald Trump‘s duties on metal imports from the 28-member bloc.

The  European Union said it would exercise its right to target a list of U.S. products worth more than $3.2 billion beginning Friday.

The  EU commissioner for trade, Cecilia Malmström, said the rule of international trade couldn’t be violated by the United States without consequences. I don’t think the EU is any position to make demands.

Malmström said  the unilateral and unjustified decision of the U.S. to impose steel and aluminum tariffs on the EU means that we are left with no other choice.

She said if the United States removed the tariffs, the European Union would follow suit. According to the statement, all EU member states unanimously agreed to the approach.

Those new tariffs are to hit about 200 US products,  that include steel, aluminum, corn, rice, orange juice, cigarettes, peanuts, cigars, T-shirts, cosmetics and boats.

This all comes after President Trump imposed a 25% tariff on steel and a 10 percent tariff on aluminum exports from European allies, Canada and Mexico. Canada will also impose retaliatory tariffs on $12.5 billion worth of U.S. exports starting July 1. Mexico has hit back with fiscal penalties on U.S. exports like pork, steel, cheese and whiskey.

At the G7 meeting, Trump said the US had been taken advantage long enough. He said that’s going to change, and that tariffs will come way down.

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