The trade tensions between the United States and the European Union are again high. As a direct response to American import duties, Brussels is now introducing an import rate of 25 percent on a series of American products.
Instead of accepting Donald Trump’s protectionist policy, the EU opts for an active counterattack.
Strategic answer to protectionism
The measure of the European Commission is a well -considered strategic answer to American trade policy. Although Washington announced new import rates last week, a direct response from Brussels was initially failed. That delay was partly the result of the slow decision -making process within the EU, but also of the choice in question to first test the legal basis of the US taxes against the rules of the World Trade Organization (WTO).
At the same time, opinions within the EU vary widely. Ireland and Italy argued for a cautious approach, while Germany and France insisted on strong countermeasures.
Phased approach in three steps
The EU opts for a phased approach in the form of a so -called ‘three -stage rocket’. The first round import duties will take effect on April 15, followed by additional measures on 16 May and 1 December. With this spread, the European Commission wants to create room for diplomatic consultation and deliberately leaves the door open for further negotiations with the United States.
The full list of products affected has not yet been officially published, but according to sources such as Reuters This includes nuts, soybeans, makeup and car mirrors-products that are politically sensitive in the US.
It is remarkable that American Bourbon whiskey was eventually deleted from the sanction list. The drink was initially on the list, but was removed after Washington threatened with an import tax of no less than 200 percent on European wine and gin.
More sanctions possible
The most recent American import tax of 20 percent on European products has not yet been included in the current countermeasures. The EU member states will be voting over this soon. According to European Commissioner De Vries, Brussels keeps broader sanctions in mind, but the tone remains diplomatic for the time being.
Claim € 10 free today and do not pay trading costs over the first € 10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Only deposit € 10 and receive € 10 free of charge. Moreover, you can act without costs for 7 days over your first € 10,000 in transactions. Start today and take advantage of the growing popularity of Crypto!
Make your account and claim € 10 for free.
Don’t miss this opportunity to take advantage of the growing popularity of Crypto!
Source: https://newsbit.nl/europese-unie-slaat-terug-25-importheffing-op-amerikaanse-producten/
