EU warns it will retaliate against U.S. decision to slap tariffs on a range of exports—from cheese to wine—that could cause job losses in Europe and price increases for Americans.
The trade wars threatening to push the global economy into recession are entering a new phase, with the United States and European Union escalating a dispute that endangers the world’s biggest trade relationship.
The Trump administration’s latest tariffs target large aircraft but also many typical European products such as olives, whiskey, wine, cheese and yogurt. They will take effect Oct. 18 and amount to a 10% tax on EU aircraft and steep 25% rate on everything else. “This is a move that will first and foremost hit U.S. consumers and companies and will make efforts towards a negotiated settlement more complicated,” he said.
More broadly, the tariffs add to uncertainty for the global economy, which has been hit particularly hard by the U.S.’s wide-ranging dispute with China over trade and technology. The head of the Spanish Federation of Food and Beverage Industries, Mauricio García de Quevedo, said the new U.S. tariffs will make it harder for the companies he represents to compete internationally. And that will contribute to job losses, he said, without providing detail.
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