EU launches retaliatory tariffs on US goods
London, June 22 : The European Union (EU) on Friday launched tariffs on some $3.2 billion worth of American goods, in retaliation for tariffs US President Donald Trump's administration imposed on imported steel and aluminium earlier this month.
The bloc slapped a 25 per cent tariff on American products such as whiskey, tobacco, Harley Davidson motorcycles, cranberries and peanut butter, reports The Independent.
They also leveraged another 50 per cent tax on select items such as footwear, some types of clothing and washing machines.
Speaking to the Irish Parliament on Thursday night, European Commission President Jean-Claude Juncker said the EU would "do what we have to do to rebalance and safeguard" against the US tariffs.
"It goes against all logic and history," he said of the US taxes.
"Our response must be clear but measured."
The statement echoed the words EU Trade Commissioner Cecilia Malmström remarks on Wednesday that the 28-member bloc was "left with no other choice" than to impose retaliatory measures.
The tariffs come weeks after the Trump administration implemented a 25 per cent tariff on steel and 10 per cent tariff on aluminium, affecting trade partners like Canada, Mexico, and the EU, The Independent reported.
Trump threatened additional taxes on European cars if the EU chose to retaliate. The EU has also filed a case with the World Trade Organisation (WTO), claiming Trump's tariffs were "pure protectionist" and "illegal".
They also threatened a second round of tariffs on some $4.3 billion worth of US products if the dispute was not resolved.
Mexico has already announced its own tariffs on US goods, and Canada's tariffs on nearly $13 billion of US products are set to take effect next month.
Trump has also imposed tariffs on other trade partners as well, slapping a 25 per cent tariff on $50 billion worth of Chinese goods last week.
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Modi urges industry to ramp up investment, prioritise research to scale up manufacturing
New Delhi (PTI): Prime Minister Narendra Modi on Tuesday urged industry leaders to step up investments, embrace emerging technologies and prioritise research to help India Inc fully leverage the vast opportunities offered by free trade agreements with various nations.
"The days of cutting corners in research are over. We must now make substantial investments in research and development and ensure that our products meet global quality standards. Now we have got opportunities to move forward, so we should have only one mantra - Quality, Quality, Quality," he said while addressing a second webinar on Budget 2026-27.
Stressing that India has entered into free trade agreements with numerous countries, he said, these agreements have opened up a wide range of opportunities for the country.
"In such a situation, he said, "our responsibility is that we should never compromise on quality."
Today, the world is seeking reliable and resilient manufacturing partners, he said, adding that India has a strong opportunity to fulfil this role.
"Our direction is clear. Our resolve is clear. Build more, produce more, connect more, and now the need is to export more," he said.
Pointing out that a significant transformation is currently underway in the global economy, he said that markets are no longer focused solely on cost; sustainability has become an equally important consideration.
"The Carbon Capture, Utilization, and Storage Mission is a key initiative driving this shift. Incorporating sustainability into core business strategies is now essential. Industries that invest early in clean technologies will gain better access to emerging markets in the years ahead," he said.
Highlighting the importance of infrastructure and logistics, he said, they serve as fundamental pillars of our growth strategy.
This year's budget proposes a record level of capital expenditure to support these priorities, he said.
As India emerges as a beacon of hope for the world thanks to its robust economy, and as global supply chains undergo transformation, the prime minister said, rapid economic development has become the cornerstone for realising the vision of Viksit Bharat.
