EU Slaps Tariffs On US As Trade War Erupts

EU slaps tariffs on US as trade war erupts

Brussels, June 22 (APP - UrduPoint / Pakistan Point News - 22nd Jun, 2018 ) :The European Union slapped revenge tariffs on iconic US products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump.

The tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU's official journal, will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China.

Customs agents across Europe's colossal market of 500 million people will now impose the duty, hiking prices on US-made products in supermarkets and across factory floors.

"These measures are the logical consequence of the US decision," French Finance Minister Bruno Le Maire told AFP.

"They reflect a Europe that is resolute and principled," he said.

Brussels imposed the raft of duties on US products worth 2.8 billion Euros ($3.3 billion)in a tit-for-tat response to Trump's decision to slap stiff tariffs on European steel and aluminiumexports.