European Retaliatory Tariffs Take Effect Today

Starting Friday, the European Union will be charging import duties of 25 percent on a range of U.S. goods. Reuters reports that the European Commission formally adopted a law putting in place the duties on 2.8 billion euros, or $3.2 billion, worth of U.S. goods, including steel and aluminum products, farm produce such as sweetcorn and peanuts, bourbon, jeans, and motorcycles.

EU Trade Commissioner Cecilia Malmstrom stated, “We do not want to be in this position,” but adds the U.S. “left the EU with no choice.”

President Trump ended an exemption from the tariffs for the EU, Canada, and Mexico earlier this month. Canada will impose tariffs on $12.5 billion of U.S. goods, while Mexico has already implemented tariffs on U.S. products, including steel, pork, and bourbon.