Trading Partners Move Toward Retaliation for Steel and Aluminum Tariffs
The European Union, India, Japan, Russia, and Turkey submitted to the World Trade Organization this week separate lists of U.S. exports on which they could impose increased tariffs in response to the Trump administration’s tariff hike on imported steel and aluminum products. The retaliatory measures could take effect as early as June 18.
Russia said it would target $537.6 million worth of U.S. products but said further details on specific goods would be provided later. Turkey said it would raise duties on 22 U.S. goods, including, rice, tobacco, cosmetics, paper, and motor vehicles, worth $266.5 million. Japan indicated an intent to target $264.4 million worth of U.S. goods but gave no specifics. The EU is threatening to impose additional duties of 10 percent, 25 percent, 35 percent, or 50 percent on $1.6 billion worth of U.S. goods. India’s list reportedly identifies $165 million worth of mostly agricultural products along with some motor vehicles.