The European Union has officially submitted a formal complaint with the World Trade Organization, designed to hit back at the United States for imposing new tariffs on steel and aluminum imports. The European Union plans to put tariffs of 25% on roughly 200 American products as soon as June 20.
The Trump administration imposed tariffs on steel and aluminum from Canada, Mexico, and the European Union- a move that angered these allies but Trump has justified on national security grounds.
CNN reports that EU trade commissioner Cecilia Malmstrom has said the approach was “pure protectionism,” and said it was illegal under WTO trading rules.
This trade war is a dangerous game- the U.S. and the European Union trade just over $1.2 trillion in goods and services each year. EU retaliation could spark more trade barriers with the Trump administration. These administrations could go back and forth for a while before anything is set into stone.
Other leaders, such as Chrystia Freeland, Canada’s minister of foreign affairs, has also spoken out, saying her country would place tariffs on up to $12.4 billion worth of American goods.
Are President Trump’s tariffs going to backfire and end up costing the U.S. money? Only 6% of you voted yes, it was a bad move, while 94% of you voted no, there’s a plan here. Read more on the story on CNN here.
Here’s how people on the Zip app are weighing in on this all over the country!
Are President Trump’s tariffs going to backfire and end up costing the U.S. money? The European Union has filed a formal complaint with the world trade commission and are threatening tariffs.
Zip users in 225 cities and 44 states weighed in on this question.