India Imposes Retaliatory Tariffs On US, Here's What's Targeted

US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images

The U-S president hit the E-U, Canada and Mexico with 25 percent levies on steels and 10 percent on aluminum at the beginning of June.

"The rules of global trade, which we have developed over the years hand in hand with our American partners, can not be violated without a reaction from our side", Malmstrom added, calling the European Union response "measured, proportionate and fully in line with WTO rules".

The products affected will include cigarettes, denim, peanut butter, orange juice, blue jeans, bourbon, and motorcycles.

The EU said that if the situation isn't resolved, or if the USA responds with more tariffs, the EU said that it will add additional tariffs on 160 US products worth $4.3 billion.

The imposition of tariffs has raised the specter of a full-blown trade war, which could be costly to consumers, jobs and the global economy. China answered that it would match the value of the US tariffs by placing their own tariffs on American perishable exports, including beef, poultry, pork, dairy products, seafood, tobacco and soybeans. Turkey is targeting US products and India has announced tariffs on 29 USA products, including steel and iron, almonds, walnuts, and chickpeas. India and Turkey have already targeted U.S. products, ranging from rice to autos to sunscreen.

The European Union triggered the first phase of retaliation against the USA over its metal-import tariffs imposed on national-security grounds, making good on more than three months of threats to hit American goods with tit-for-tat levies. China responded by proposing duties on $50 billion in US goods, including pork, beef, and cars.

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The tariffs, which took effect at midnight, further fuelled jitters on world stock markets that were already alarmed by trade tensions between the United States and China.

White House National Trade Council Director Peter Navarro on the Trump administration's proposed Chinese investment restrictions. Trump has threatened to impose new taxes on European and other imported cars - an idea that caught many by surprise, because domestic automakers GM and Ford have been thriving, and foreign companies such as BMW, Toyota and Honda now have large plants in the U.S.

However, many lawmakers have expressed concerns that the tariffs will escalate into a trade war that will ultimately hurt American interests.

The Trump administration this week ratcheted up its accusations that China's trade and intellectual property practices are threatening USA economic interests. Bejing will respond in kind.

"The president has been so belligerent that it becomes nearly impossible for democratically elected leaders - or even a non-democratic leader like (Chinese president) Xi Jinping - to appear to kowtow and give in", said Philip Levy, senior fellow at the Chicago Council on Global Affairs and a former White House trade adviser.

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