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U.S. Eyes $3.1 Billion of EU, U.K. Imports for New Tariffs

By

Bryce Baschuk

June 24, 2020, 7:12 PM GMT+10 Updated on June 24, 2020, 9:17 PM GMT+10

• U.S. ‘carousel’ tariffs could target a new slate of EU goods
• EU awaiting a WTO ruling to authorize duties on U.S. products

The U.S. is weighing new tariffs on $3.1 billion of exports from France, Germany, Spain and the U.K., adding to an arsenal the Trump administration is threatening to use against Europe that could spiral into a wider transatlantic trade fight later this summer.

The U.S. Trade Representative wants to impose new tariffs on European exports like olives, beer, gin and trucks, while increasing duties on products including aircrafts, cheese and yogurt, according to a notice published late Tuesday evening. The statement lays out a month-long public comment period ending July 26.

European stocks fell by the most in a week, weighed down by concerns about outbreaks of the Covid-19 virus and renewed worries about trade tensions between the U.S. and Europe. Shares of beverage stocks, luxury-goods companies and truck makers were among the losers.

Drink, Luxury and Truck Stocks Fall as U.S. Weighs New Tariffs