Ashton Whiteley - US Exempts EU From Tariffs

SHANGHAI, March 30, 2018 (Newswire.com) - A senior US official has stated that the European Union along with six other countries will be temporarily exempt from the metals tariffs imposed by US President Donald Trump.

According to Ashton Whiteley economists, trade representative Robert Lighthizer told a Senate panel that President Trump had decided to temporarily hold off on imposing the import tariffs for the EU and other countries while discussions were still in progress.

Ashton Whiteley analysts say the tariffs of 25 percent on steel and 10 percent on aluminum came into effect last week Friday with the European Union arguing that the tariffs should not apply to them.

In addition to the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea will be temporarily exempt from the import duties.

The US Senate committee was informed that Trump had decided that certain countries should get a reprieve from the tariffs. These countries are in the process of negotiating with the US, and until an agreement is reached, tariff imposition has been paused.

Earlier in March, Cecilia Malmstrom, the European Union’s trade commissioner said that the EU would not tolerate bullying. She added that Trump’s protectionism was being unfairly wielded as a tool to intimidate and threaten other countries.

By announcing the temporary tariff exemptions for the European Union and other countries, Trump’s administration has reduced the scope of countries targeted by its protectionist policies. Ashton Whiteley analysts say that this also minimizes the impact on the United States economy from enforcing such trade barriers.

Contact - Market Watch Asia - 128 Chaoyang Park S Rd, Chaoyang Qu, Beijing Shi, China. [email protected]

Source: Ashton Whiteley