By Nkiruka Nnorom with agency report
The European Union has published the list of American goods it will hit with retaliatory tariffs, if trade negotiations with the United States fails.
The list of more than 400 products includes American toilet paper, eye makeup, cigars and tobacco, plus men’s and women’s clothing. Most of the imports will be subject to additional customs duties of 25 per cent.
The EU measures were due to come into force yesterday in retaliation for a sharp increase in US tariffs on all imports of steel and aluminum. However, the bloc of 27 countries suspended its countermeasures for 90 days until July 14 after the US delayed its so-called reciprocal tariffs.
According to EU calculations based on official US data for 2023, the top five goods exports from America to the bloc are oil and gas, pharmaceuticals and medicines, aerospace products and parts, medical equipment and supplies, and motor vehicles.
The US has so far hit the EU with 25 per cent tariffs on steel and aluminum and 25 per cent levies on cars.
As for President Donald Trump’s 20 percent “reciprocal” tariffs on all other goods from the bloc, those have been reduced to 10 percent for 90 days.
Meanwhile, the stock markets have continued to trend upward after Trump said he was considering a short-term tariff exemption for automakers.
Europe’s benchmark STOXX 600 index was 0.6 percent higher at the start of trading yesterday.
Germany’s DAX rose 0.8 percent, while London’s FTSE 100 index was up 0.6 percent. However, France’s CAC index fell by 0.1 percent.
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