Tariff war
Major trade partners have immediately retaliated by the US President Donald Trump on the increased tariffs on aluminum and steel imports. They have imposed new and tight taxes on many American products, ranging from cloth and ‘water heater’ (water heating equipment) to beef and borbon. Canada, the largest supplier of steel and aluminum to the US, said it would impose 25 % counter -tariff on steel products. Apart from this, tax will increase tax on many items such as equipment, computer and server, display monitor, sports equipment and raw iron products.
EU will also increase tariff
At the same time, the European Union (EU) will increase tariffs on American beef, poultry, borbon and motorcycle, peanut butter and commodity. Overall, the new tariffs will lose billions of dollars and increase uncertainty in the world’s two major trade partnerships. Companies will either suffer losses and earn less profits or are more likely to put the cost on consumers in the form of high prices. European Commission Chairman Ursula von Der Leyen said that prices will rise in Europe and America and jobs will be at stake. Von Der Leyen said, “We have deep regret on this decision. There are tariff tax. They are bad for business and are even worse for consumers. ”
The future Prime Minister of Canada ready to meet Trump
Canadian future Prime Minister Mark Carney said on Wednesday that he was ready to meet Trump, provided he shows ‘Canadian Sovereignty’ and ‘a shared and more comprehensive approach to business’. Carney will take oath on Friday. He said that the situation of the workers of both countries would be better when the world’s largest economic and security partnership would be renewed and re -launched. This is possible. ‘
(PTI/Language)
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