EU to impose retaliatory tariffs on US imports from July

European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach

The European Union says it will start imposing duties from July on a list of U.S. products in response to President Donald Trump’s decision to slap tariffs on steel and aluminum imports from Europe.

European Commission Vice-President Maros Sefcovic said Wednesday that formalities in finalizing the list should be completed this month and that “the new duties start applying from July.” The EU says it will introduce “rebalancing” tariffs on about 2.8 billion euros’ ($3.4 billion) worth of U.S. steel, agricultural and other products, including bourbon, peanut butter, cranberries and orange juice.

The European Union exported some 5.5 million tons of steel to the U.S. last year. European steel producers are concerned about a loss of market access but also that steel from elsewhere will flood in.