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Why is the EU applying tariffs on US-built yachts?
Tariffs will reach 25%
On 08.03.18 the USA adopted ‘safeguard measures’ in the form of a tariff increase on imports of steel and aluminium products. The tariffs, affecting $7.5 billion of European products, came into effect on 23.03.18 and have unlimited duration.
Notwithstanding the USA claimed that such imports threatened to impair US national security, the EU considers these tariffs to be safeguard measures (in disguise) to which GATT (General Agreement on Tariffs and Trade) security exceptions do not apply. In essence, the measures restrict imports in order to protect US domestic industry against foreign competition.
EU responded by introducing “rebalancing measures” that will apply to the import of 180 US products. As of 22.06.18, USD 3 billion worth of goods originating in the United States will be subject to additional customs duties varying from 10% to 50%. The tariffs affect a variety of products ranging from orange juice to Bourbon whiskey, Harley Davidson motorcycles, cotton underwear and yachts (25% on sailings yachts and motor yachts). Talks between the EU and US have stalled so the tariffs will remain in place for the foreseeable future.
Further updates on tariffs coming soon. Stay tuned.
Notwithstanding the USA claimed that such imports threatened to impair US national security, the EU considers these tariffs to be safeguard measures (in disguise) to which GATT (General Agreement on Tariffs and Trade) security exceptions do not apply. In essence, the measures restrict imports in order to protect US domestic industry against foreign competition.
EU responded by introducing “rebalancing measures” that will apply to the import of 180 US products. As of 22.06.18, USD 3 billion worth of goods originating in the United States will be subject to additional customs duties varying from 10% to 50%. The tariffs affect a variety of products ranging from orange juice to Bourbon whiskey, Harley Davidson motorcycles, cotton underwear and yachts (25% on sailings yachts and motor yachts). Talks between the EU and US have stalled so the tariffs will remain in place for the foreseeable future.
Further updates on tariffs coming soon. Stay tuned.
