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| Trade war on Western front: US slaps 25% tariffs on French wine, Italian cheese & Scotch whisky | Trade war on Western front: US slaps 25% tariffs on French wine, Italian cheese & Scotch whisky |
| (32 minutes later) | |
| The Trump administration has opened another front in its global trade war, slapping the EU with a hefty 25 percent tariff on a variety of industrial and agricultural products, risking a tit-for-tat response. | The Trump administration has opened another front in its global trade war, slapping the EU with a hefty 25 percent tariff on a variety of industrial and agricultural products, risking a tit-for-tat response. |
| The new duties will apply to Scotch whiskey, French wine and cheese from Italy, among other goods from Germany, the UK and Spain, but exempt certain products, including Italian wine. The fresh American tariffs will target sweaters, wool, cashmere and other clothing items produced in the UK, as well as olives sourced from Spain, France and Germany. In addition, a 10 percent duty will be imposed on “large civil aircraft.” They will take effect on October 18. | |
| A statement issued by the Office of the US Trade Representative on Wednesday stressed that Washington "has the authority to increase the tariffs at any time" – including up to 100 percent – "or change the products affected," but added they will be kept more limited “at this time.” | |
| The move comes after a World Trade Organization (WTO) ruling that found Boeing had lost some $7.5 billion a year in business and faced disruptions in aircraft deliveries due to subsidized loans handed out by European governments to the company’s arch competitor, Airbus. The European aircraft manufacturer has filed a similar complaint against Boeing with the WTO, which is still pending a decision. | |
| France’s Finance Minister Bruno Le Maire in September warned that Europe was “ready to react” with tariffs of its own if Washington pressed ahead with any new duties, but expressed hopes for a “friendly agreement” with US trade representatives. | |
| For more stories on economy & finance visit RT's business section |