Retaliatory measures against leading US brands such as Levi’s and Harley Davidson are underway following Donald Trump’s threat of a trade war with plans for tariffs on steel and aluminium, European Commission chief Jean-Claude Juncker said.
However, another top EU trade official said Mr. Trump has a very small chance to avoid a damaging global trade war unless corrective actions are taken immediately, also advising that the US leader should reconsider his short and long-term objectives before signing them into effect next week.
At this moment, the US President hasn’t reconsidered his intended actions and there’s no sign that he will back down despite wide criticisms against the 71-year-old. He just can’t help relishing the fight at a time when his White House is once again in crisis from alleged infighting and consequential resignations.
“When a country like the USA is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” Mr. Trump posted on Twitter Friday morning. “Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore — we win big. It’s easy!”
His plan is to impose a 25 percent duty on steel and a 10 percent duty on aluminium.
Juncker’s targets in America are many and much more than imagined. The EU Commissioner said Europe will not hesitate to clamp down on whiskey supplies, particularly one that is distilled in Kentucky, home to Mitch McConnell, who leads Republicans in the Senate.
“We will put tariffs on Harley-Davidson, on bourbon and on blue jeans – Levis,” Juncker added.
“The EU is preparing import duties for US products including Harley-Davidson, Bourbon and Levi’s jeans,” his spokeswoman also quoted him as saying on Twitter.