Tariff Crazy Trump to Impose Tariffs on EU Goods
The Stable Genius is at it again and it is not going to help his re-election bid.
Despite the stock market reacting to the downside with every bit of negative news on the trade war front, President Trump is about to impose new tariffs on EU goods.
Following a decision today from the World Trade Organization that authorized tariffs due to EU subsidies of Airbus SE, the Wall Street Journal is reporting that the Trump administration will move swiftly to implement tariffs on $7.5 billion of imports from the European Union.
The Office of the U.S. Trade Representative will impose the tariffs on Oct. 18, according to a senior USTR official, according to WSJ, in what will be the largest escalation of tariffs against Europe since the U.S. imposed tariffs on steel and aluminum imports last year, potentially opening up a new rift in the Trump administration’s global trade fight.
The U.S. will impose tariffs on the full $7.5 billion worth of goods authorized by the WTO decision, but the rate of those tariffs will be lower, set as a 10% tariff on large commercial aircraft, and 25% on agricultural and industrial goods, according to the official.
Tariffs are always bad news: