The Trump administration slaps tariffs on $7.5 billion of European consumer products, including Scotch whisky, French wine and Italian cheese.
"We are ready with our European partners to respond firmly," French Finance Minister Bruno Le MaireSome of the biggest criticism of the decision came from the Scotch whisky industry, with single malt Scotch whisky alone making up half of the value of U.K. products taxed by Washington."This is a blow to the Scotch Whisky industry," Karen Betts, chief executive of the Scotch Whisky Association, said in a statement.
The new U.S. measures will come into force as early as Oct. 18. They include 10 percent tariffs on Airbus parts and 25 percent duties on other goods. On Wednesday, European shares logged their worst day since last December but steadied after the full list of tariffs showed that some aircraft parts were exempt, as well as certain luxury brands, such as French spirits maker Remy Cointreau and Louis Vuitton owner LVMH.
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