In response to new tariff intention of the US, EU warned in a statement that “it creates uncertainty for companies and inflicts unnecessary economic damage on both sides of the Atlantic.”
“By potentially targeting new products, the US is increasing this damaging impact due to the cost of new disruptions to supply chains for the products potentially subject to new duties.” “This is particularly the case as companies are now trying to overcome the economic difficulties in the aftermath of the Covid-19 crisis.”
USTR announced earlier this week a list of 30 product lines that could be subjected to new tariffs. The news items, equivalent to around USD 3.1B of imports from EU annually, could be hit will tariffs of as much as 100%.
