{"id":67016,"date":"2018-03-05T15:40:38","date_gmt":"2018-03-05T15:40:38","guid":{"rendered":"http:\/\/www.bnreport.com\/eu-seeks-to-hit-back-at-e3-billion-of-us-exports-from-bourbon-to-jeans\/"},"modified":"2018-03-05T15:40:38","modified_gmt":"2018-03-05T15:40:38","slug":"eu-seeks-to-hit-back-at-e3-billion-of-us-exports-from-bourbon-to-jeans","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/eu-seeks-to-hit-back-at-e3-billion-of-us-exports-from-bourbon-to-jeans\/","title":{"rendered":"EU seeks to hit back at \u20ac3 billion of US exports from bourbon to jeans"},"content":{"rendered":"<p>The EU is poised to hit back against U.S. President Donald <a href=\"https:\/\/www.politico.eu\/article\/trade-donald-trump-united-states-europe-digs-in-to-fight-global-trade-war-against-trump\/\" rel=\"noreferrer\" target=\"_blank\">Trump\u2019s tariffs<\/a> on steel imports by rolling out countermeasures against \u20ac2.8 billion-worth of U.S. exports including Levi\u2019s jeans, Harley-Davidson motorbikes and bourbon whiskeys.<\/p>\n<p>People briefed on the plans said the EU countermeasures would look to impose additional 25 percent tariffs on U.S. products across three sectors: agriculture, steel and other industries.<\/p>\n<p>Trump\u2019s decision on Thursday to slap additional tariffs of 25 percent on U.S. steel imports and 10 percent on aluminum was months in the making and Brussels had readied a list of countermeasures. European Commission President Jean-Claude Juncker <a href=\"https:\/\/twitter.com\/Mina_Andreeva\/status\/969622080902791170\" rel=\"noreferrer\" target=\"_blank\">confirmed the targets<\/a> while speaking to reporters in Hamburg.<\/p>\n<p>The Commission said that the countermeasures would now be discussed by the commissioners from the EU\u2019s 28 member countries on <a href=\"https:\/\/www.politico.eu\/article\/eu-our-countermeasures-against-trump-are-ready\/\" rel=\"noreferrer\" target=\"_blank\">Wednesday<\/a>.<\/p>\n<p>A Commission spokesperson said: \u201cThe list is ready and will include one-third steel products, one-third agricultural products and one-third industrial products.\u201d<\/p>\n<p>The targets cited by Juncker are in line with earlier countermeasure lists, which focused on goods from politically sensitive Republican-run states. Harley-Davidson motorbikes are from Wisconsin and bourbon is produced in Kentucky, the home state of Senate majority leader Mitch McConnell.<\/p>\n<p>Brussels insisted that its countermeasures would be compatible with World Trade Organization rules and could be implemented quickly, without the need for a drawn-out lawsuit at the WTO in Geneva.<\/p>\n<p>Officials in Brussels and another major European capital explained that the EU was going to define Trump\u2019s action as a so-called \u201csafeguard measure\u201d \u2014 a temporary step intended to protect a domestic industry. That would remove the need for a full WTO showdown in Geneva and enable Brussels to respond promptly with its own counter-tariffs.<\/p>\n<p>Trump justifies his new tariffs by citing national security concerns. Commission officials reject this argument because the U.S. defense secretary has stated that the American military needs no more than 3 percent of U.S. steel production. Instead, officials said, Trump\u2019s tariffs were intended to protect the U.S. domestic industry. On this basis, the EU is allowed to retaliate.<\/p>\n<p>\u201cWe consider that the tariffs announced by the U.S. president would amount to safeguard measures in disguise,\u201d the EU spokesperson said.<!--more--><\/p>\n<p>EU officials believe their case is bolstered by Trump\u2019s tweets, which stress economic factors rather than national security. \u201cWe must protect our country and our workers. Our steel industry is in bad shape,\u201d Trump said on Friday.<\/p>\n<p>Another tweet offered more insight into the president\u2019s thinking: \u201cTrade wars are good, and easy to win. When we are down $100 billion with a certain country and they get cute, don\u2019t trade anymore \u2014 we win big.\u201d<\/p>\n<p>For EU officials, this is a further sign that Trump\u2019s measures are \u201csafeguards\u201d rather than defenses imposed for reasons of national security.<\/p>\n<p><a href=\"https:\/\/www.politico.eu\/article\/eu-seeks-to-hit-back-at-e3-billion-of-us-exports-from-bourbon-to-jeans\/?utm_source=RSS_Feed&amp;utm_medium=RSS&amp;utm_campaign=RSS_Syndication\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p> [contf] [contfnew]         <img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcRMd3Tz2gX9xSa6CJyaOj2dokBVcrdaT4yY3R3RI7YmL18vCLZZ\"\/> <\/p>\n<h5><a href=\"http:\/\/www.politico.com\/&gt;Politico&lt;\/a&gt;&lt;\/h5&gt;_&lt;\/p&gt;[contfnewc]_[contfnewc]_&lt;\/body&gt;&lt;\/html&gt;\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>The EU is poised to hit back against U.S. President Donald Trump\u2019s tariffs on steel imports by rolli..<\/p>\n","protected":false},"author":1,"featured_media":67017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-67016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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