EU Finalizes New Tariffs on US Goods; Will Take Effect June 22
The European Union adopted the proposed list of new tariffs on $3.2 billion worth of U.S. goods, the EU said in a June 20 news release. The list is the same as the one it submitted to the World Trade Organization (see 1806010022), and the new tariffs will take effect on June 22, the EU said. Additional tariffs will be added "at a later stage -- in three years' time or after a positive finding in WTO dispute settlement if that should come sooner," it said.
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The tariffs are meant as a response to the Trump administration's decision to end the exemptions from Section 232 tariffs on steel and aluminum goods from the EU, Canada and Mexico (see 1805310028). "We did not want to be in this position," said European Commissioner for Trade Cecilia Malmstrom. "However, the unilateral and unjustified decision of the US to impose steel and aluminium tariffs on the EU means that we are left with no other choice. The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules. Needless to say, if the US removes its tariffs, our measures will also be removed."