In response to the US-imposed import taxes, the European Union (EU) has taken action. In order to shield European businesses, employees, and consumers from the negative effects of unwarranted trade restrictions, the EU is implementing its own import taxes, the organisation said in a document. Among other items, textiles and leather goods are subject to import tariffs.
The United States has imposed tariffs on the import of steel and aluminium, resulting in a 25 per cent tax increase for American businesses who import goods from elsewhere. This measure has prompted the EU to introduce’recovery measures’, which were initially introduced by the Trump administration in 2018 and then put on hold.
The “recovery measures” will be reinstated on April 1. This implies that goods like leather goods and textiles will be subject to tariffs. Approximately US $ 19.5 billion worth of goods will be impacted by the countermeasures. According to the EU, the goal is to make sure that the overall value of the EU’s actions equals the higher value of trade that the new US tariffs have drawn.
