The fines, some of which will begin to apply in mid-April, were approved by a majority of the EU’s 27 member states on Wednesday.
In response to President Donald Trump’s 25 percent charges on the bloc’s steel and aluminum exports last month, the European Union adopted tariffs that will target approximately €21 billion ($23.2 billion) worth of US goods.
The fines, some of which will begin to apply in mid-April, were approved by a majority of the EU’s 27 member states on Wednesday. In addition to diamonds, agricultural items, poultry, motorbikes, and products like soybeans from Louisiana, home of House Speaker Mike Johnson, the tariffs will target politically sensitive U.S. states.
This comes after Beijing slapped 84 percent tariffs on imports from the United States in retaliation for the 104 percent tariffs placed on the nation’s commodities imported into the US.
Mid-April will see the implementation of some EU tariffs, while mid-May will see the imposition of another list. According to Bloomberg, the third list will go into effect on December 1st of this year. A few categories are subject to 10 percent taxes, while the majority of the targeted commodities are subject to a 25 percent duty level.
Following Trump’s threat of 200 percent levies on wine, champagne, and other alcoholic products from France and other countries, member nations put pressure on the EU to remove Bourbon off its list.
China’s retaliation against Donald Trump’s tariffs
On Wednesday, the Chinese finance ministry declared that it would be levying additional duties on all US goods of 84%, up from 34% previously. This retaliatory duty will take effect on April 10th, the ministry stated.
China’s commerce ministry stated in a statement announcing its white paper on trade with the US that “China has the firm will and abundant means to take necessary countermeasures and fight to the end if the US insists on further escalating its economic and trade restrictions.”
In response to China’s tariff announcement, US Treasury Secretary Scott Bessent told Fox Business Network that Beijing’s tax was “unfortunate”.
Bessent urged Beijing to engage in dialogue, arguing that China “should not try to devalue their way out of” the trade conflict.
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