After winning a major trade case on unfair government subsidies for the European airplane manufacturer Airbus, the Trump Administration announced Wednesday that it would level new tariffs on a host of imported items from Europe, with the new import duties going into effect on October 18.
The new tariffs include a 25 percent duty on wine imported from France, 25 percent tariffs on cheese from over two dozen European countries, along with tariffs on other popular items like whiskey.
"The tariffs will be applied to a range of imports from EU Member States, with the bulk of the tariffs being applied to imports from France, Germany, Spain, and the United Kingdom," the Office of the U.S. Trade Representative said.
The announcement was paired with the release of an eight page listing of products - as other than a 10 percent tariff on new airplanes, everything else would get a 25 percent tariff.
The estimated $7.5 billion in new tariffs will add to an escalating amount of money being collected by Uncle Sam from American businesses who import products from overseas.
During a meeting with the leader of Finland, President Trump said his goal is “to improve international trade based on the principle of fairness and - my favorite word - reciprocity,” as Mr. Trump says too often U.S. made goods are being blocked by trade barriers in other countries.
About the Author
The Latest
Featured
