EU mulls retaliatory levy on US products

EU mulls retaliatory levy on US products

The European Union is considering a retaliatory levy on US imports as the US government is planning to impose heavy taxes on steel and aluminum products.

US President Donald Trump said on Thursday his government will impose 25 percent tariffs on steel imports and 10 percent on aluminum. He argued the US has been importing the materials at unfairly low prices due to overproduction in China.

The EU has sharply criticized the planned trade restriction, calling it a blatant intervention to protect the US domestic industry.

Reuters says EU officials are considering applying 25 percent tariffs on US imports if Trump follows through on his plan.
It reports that such EU tariffs would be imposed on US goods worth about 2.8 billion euros, or 3.5 billion dollars.

European Commission President Jean-Claude Juncker said in Germany that the EU will put tariffs on Harley-Davidson motorbikes, bourbon and blue jeans.