The most popular news stories of 2018

EU slaps 25% tariff on US whisky and bourbon

Also in June, the EU Commission confirmed that it would be imposing a tariff on imports of Bourbon and American whiskey from July, in retaliation to president Donald Trump’s decision to impose a 25% tax on imports on steel.

In March, president Trump imposed a 25% import duty on steel and a 10% duty on aluminium in Europe, Mexico and Canada, claiming that such imports threatened its own national security and put US jobs at risk.

The US and China have also been embroiled in a bitter trade tariff dispute, however, this month the two countries agreed to pause the ongoing tit-for-tat trade war for the next three months to negotiate deals.

Trump agreed that the US government would hold off on raising tariffs on US$200 billion worth of goods to 25% from a current level of 10%, which would otherwise take effect from 1 January next year.

Xi promised an unspecified increase of purchases of American goods, and according to Trump’s immediate tweet, China would also lower the current 40% tariff on US car imports.

The truce, however, does not mean that the two countries have agreed to remove punitive tariffs so far.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters