European Union to impose duties on USA imports Friday after Trump tariffs

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She called the European Union response proportionate and in line with World Trade Organization rules and said that they would be removed if Washington removed its metal tariffs. The EU implemented the tariffs a week earlier than expected, "a signal that the EU is striking back and taking this seriously", said economist Holger Schmieding at Berenberg Bank in London.

Beijing has pledged retaliation and Trump has threatened to push harder in response, saying that there could be tariffs on up to $450 billion of imports from China, close to the $500 billion of goods the United States gets from the world's second largest economy.

The European Union slapped revenge tariffs on iconic USA products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump.

Trump has brushed aside concerns over a trade war, saying the USA can't lose because it already has such a significant deficit. South Africa and other African countries need to look at opportunities we can leverage from either countries at this particular time.

From today the European Union will begin charging import duties of 25pc on a range of USA goods, in response to USA tariffs imposed on EU steel and aluminium early this month. By the first week in July, $75 billion in U.S. products will be hit by new foreign tariffs, according to the U.S. Chamber of Commerce's John Murphy.

In trade wars, there tend to many casualties and few winners.

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The European Union slapped revenge tariffs on iconic USA products including bourbon, jeans and motorcycles today in its opening salvo in a trade war with President Donald Trump.

Analyst Bergqvist argued that his "main concern" over a trade war was the impact on stock markets - and the subsequent knock-on effect for the world economy.

On Thursday, Indian imposed tariffs on 29 United States goods worth $ 238 million as a countermeasure.

"It is deeply regrettable that the USA has been capricious, escalated the tensions, and provoked a trade war", Chinese Commerce Ministry spokesman Gao Feng said on Thursday. "In other words, China should focus on its domestic affairs".

Tariffs have been imposed on products such as bourbon whiskey, motorcycles and orange juice.

"We did not want to be in this position".

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