Economy category powered by

EU Commission proposes 25% counter-tariffs on some US imports, document shows

The European Commission proposed counter-tariffs of 25% on a range of US goods in response to President Donald Trump's tariffs on steel and aluminium, a document seen by Reuters showed.

The tariffs on some goods will take effect 16 May and others later in the year, on 1 December, the document said.

The goods are wide-ranging and include diamonds, eggs, dental floss, sausages and poultry. The counter-tariffs on almonds and soybeans will take effect on 1 December.

EU trade chief Maros Sefcovic said earlier on Monday, 7 April that the counter-tariffs would have less impact than the previously announced €26 billion ($28.45 billion).

Bourbon, wine and dairy have been removed from the original list the Commission was weighing in March.

The Commission had earmarked a 50% tariff on bourbon, which had prompted Trump to threaten a 200% counter-tariff on EU alcoholic drinks if the bloc went ahead.

Trump's threat worried France and Italy in particular owing to their significant wine industries.

In addition to these counter-tariffs, the EU already tightened existing safeguards on steel on April 1 to reduce imports by 15%. The Commission is also looking at import quotas for aluminium.

EU member states are due to vote on this proposal on 9 April.

(Source: Reuters)

Read More

Punin Group launches delicious new venture: The Croissant by Punin
Deputy Minister of Innovation meets with Amazon officials
Invest Cyprus joined President Christodoulides on roadshow to strengthen US–Cyprus strategic ties
Government aims to finalise US visa waiver procedures before September, source reveals
KPMG in Cyprus supports 'Adopt a Family for Easter' campaign
Montblanc Meisterstück Around the World in 80 Days - Year 3
AstroBank announces €41.8m profit in Group Financial Results for 2024
How to develop the Cypriot economy through the eyes of businesses... Their demands and proposals
CNP officially in the hands of Hellenic Bank for €182m
E.V.H. Investments completes squeeze out and acquisition of 100% of Salamis Tours