Source : NEW INDIAN EXPRESS NEWS
He has threatened to hit other industries like pharmaceuticals and semiconductors as well, meaning any reprieve might be limited.
Canada and Mexico are unaffected as they face separate duties of up to 25 percent on goods entering the United States outside a North America trade agreement.
Retaliation risk
While Trump’s staggered deadlines allow space for countries to negotiate, “if they can’t get a reprieve, they are likely to retaliate, as China already has,” Oxford Economics warned this week.
EU trade chief Maros Sefcovic said the bloc, which faces a 20-percent tariff, will act in “a calm, carefully phased, unified way” and allow time for talks.
But he said it “won’t stand idly by.”
France and Germany have said the EU could respond by imposing a tax on US tech companies.
Japan’s prime minister called for a “calm-headed” approach after Trump unveiled 24-percent tariffs on Japanese-made goods.
Meanwhile, Trump said he held a “very productive” call with Vietnam’s top leader, with imports from the Southeast Asian manufacturing hub facing extraordinary 46-percent US duties.
SOURCE :- NEW INDIAN EXPRESS
