EU Approved The Implementation Of Regulations 22 Days To Impose Retaliatory Tariffs On Us Products

The EU formally approved the implementation of retaliatory tariffs on us products on 20 th, and will impose tariffs on us products from 22.

The European Commission released the communiqu on 20.

Since June 1st, the United States began to levy tariffs of 25% and 10% on the European Union's exports of steel and aluminum products to the United States. The European Union first approved the retaliatory tariffs on us products in June 6th, and further ratified the regulations on the 20 day.

The communique of the European Commission shows that on the 21 day, the EU will promulgate detailed rules and regulations, including the list of us products and specific tax rates that will be added to tariffs. The 22 day regulations will take effect, and the EU will begin to impose tariffs on us products.

For the "list" of the US products, the communique said that the list of EU's WTO notification to May 18th was still accurate, which means that the United States exported Europe.

Cosmetics, ships, motorcycles and even orange juice, peanut butter, cranberry, bourbon and so on will all be subject to retaliatory duties, with a total value of 6 billion 400 million euros, which is equal to the total value of the EU products exported by the US aluminum and steel tariff.

At the operational level, the communique said that tariffs would still be "two steps", that is, the EU will impose tariffs on us products with a total value of 2 billion 800 million euros after the 22 day of implementation of the regulations. In the next three years, the EU will impose tariffs on us products with a total value of 3 billion 600 million euros, depending on the WTO complaint.

In the communiqu on 20, the EU Trade Commissioner Mar James Thrun continued to criticize the United States' "unilateral action without justification" for the EU steel and aluminum tariff system. The EU had no choice but to take counter measures. But she also said that if the United States abolished the tariffs on steel and aluminum, the EU would also abolish retaliatory tariffs.

At present, in addition to retaliatory tariffs, the European Union is taking two other measures to counter the United States. One is the United States Tariff levy on steel and aluminum to the European Union in June 1st, and the other is the investigation of safeguard measures for steel products exported to Europe in March 26th. For example, the investigation concluded that it is necessary to take action. The European Union or this summer decided to impose tariffs or quotas on safeguards for steel products exported to Europe, while the European Union is carrying out the export of aluminum products to Europe.

Monitoring will depend on the import trend of aluminum products and decide the next step.