The EU said Trump's steel tariffs could cost $1.5 billion and aluminium tariffs a further $100 million, and listed rice, cranberries, bourbon, corn, peanut butter, and steel products among the US goods that it might target for retaliation. India said it was facing additional US tariffs of $31 million on aluminium and $134 million on steel, and listed US exports of soya oil, palmolein and cashew nuts among its potential targets for retaliatory tariffs. One trade official described the lists of retaliatory tariffs as "loading a gun", making it plain to US exporters that pain might be on the way. India said its tariffs would come into effect by Jun 21, unless and until the United States removed its tariffs. Trump's tariffs, 25 percent on steel and 10 percent on aluminium, came into force in March to strong opposition as many see the measures as unjustified and populist.

Source: bd News24 May 19, 2018 03:33 UTC