EU & US Retaliate on Duty Tariffs

by | Jun 26, 2018

The EU and the US appear to be in the middle of a trade spat after both parties have been retaliating to duty increases from the other.

Last week the EU launched counter tariffs against US Exports after US President Donald Trump imposed steep duties on steel and aluminium earlier in the month.

American exports such as blue jeans, motorbikes and bourbon whiskey have even targeted and EU Trade Commissioner – Cecilia Malmstrom – commented that the EU “did not want to be in this position” adding “we are left with no other choice”.

Since the announcement , Trump has threatened to increase tariffs on European cars by 20%, in a move that could escalate into a fully blown trade war between the US and its allies in the EU.

 

The US dispute with the EU is by no means isolated, as Trump has been continuing to trade duty increases with China over recent months, which is largely driven by intellectual property disputes.

Terry ClearCustoms Insights Managing Director – commented “We are continuing to see the unravelling and global significance of the two major political events in 2016 – Brexit and in this case the US Election”.

“Its unclear right now how the US dispute will effect the UK in the long run, but at this stage we are committed to the EU tariff so any increases will be applicable for the UK too”.

Customs Insights are currently assisting UK clients getting prepared for Brexit, including AEO applications and management, and a host of consultancy services.

For more information on Customs Insights consultancy services, or to discuss any customs related matters, please call 01304 211652, or email enquiries@customsinsights.co.uk

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