- EU Rages At “Unacceptable” US Tariffs, Vows Retaliation “In Coming Hours”
by Tyler Durden, https://www.zerohedge.com/
Confirming expectations, Wilbur Ross announced the steel, aluminum tariffs exemptions were lifted on EU, Mexico, and Canada. This prompted angry responses from the head of the EU bloc’s executive Jean-Claude Juncker who said that the European Union will impose counter measures immediately.
“This is a bad day for world trade,” Juncker said in a speech in Brussels. “So we will immediately introduce a settlement dispute with the WTO and will announce counter balancing measures in the coming hours.”
“It is totally unacceptable that a country is imposing unilateral measures when it comes to world trade.”
Juncker also said that he is “concerned by this decision” which he defined as “protectionism, pure and simple.” The European head with a penchant for alcohol said that steel overcapacity remains at the heart of the problem, and “the EU is not the source of but on the contrary equally hurt by it”, clearly referencing China.