President Donald Trump’s maximalist approach in recasting his nation’s trade relations may soon hit U.S. farmers and manufacturers, as America’s trade partners prepare retaliatory tariffs that could generate $3.45 billion in revenue.
In just the past week, the European Union[1] threatened $1.6 billion of additional levies in response to U.S. tariffs on metal imports; Russia prepared $537.6 of added duties; Turkey $266.6 million; Japan $264.3 million; and India $165.6 million, according to filings with the World Trade Organization[2]. China already imposed $611.5 million of additional retaliatory tariffs.
To read more about the EU’s trade conflict with the U.S., click here[3]
Citing national security concerns, the U.S. imposed import duties of 25 percent on steel and 10 percent on aluminum in March, giving regions including the EU, Mexico and Canada temporary exemptions while they negotiate alternate resolutions. While the EU has indicated a willingness to discuss means of resolving global steel overcapacity, European leaders have said they won’t begin negotiations until Trump has provided a permanent exemption on the metals tariffs.
“As a matter of principle, we will talk about everything with a friendly country that respects WTO rules,” French President Emmanuel Macron said immediately after the U.S. tariffs were enacted. “But, by the same principle, we won’t talk about anything while there’s a gun pointed at our head.”
Trade Tiff
Six nations have threatened $3.45 billion in retaliatory tariffs against the U.S.
WTO filings
