US To Apply 100% Taxes On More EU Products Like Whiskeys And Cognac
24 Dec

The U.S. is imposing levies of up to 100% on European goods the Trump government previously excused from such duties, aiming some of the Eurozone’s most illustrative products, counting Scotch & Irish whiskeys and Cognac. The Office of the USTR (United States Trade Representative) in the last week published a list of extra European products it is now considering for the levies in the midst of the fallout of its high-profile clash with Airbus. Earlier this year, the USTR released a number of lists of European goods worth over $10 Billion that it had expected to target in reaction to its disagreement with Airbus. During October, Washington went ahead and slapped tariffs of 25% on agricultural goods and 10% on large civil aircraft from Europe.

At the present, the USTR is emerging to seek advice on whether to increase rates on those products up to 100% plus add to its previous list with some products that the White House had prohibited from its final October list. The novel items, if included, can also be taxed at a pace up to 100%. Amongst the innumerable new products being considered contained European spirits like Cognac and whiskey. Other items are considered for tariffs up to 100% are Spanish olive oil, German knives, French cheese, and Portuguese fish fillets. In a note to the clients, Trevor Stirling, Bernstein Analyst, stated that the potential list “once again contains Cognac and blended whiskeys. The fact that they had been eliminated from the “final” October list was a lucky escape for spirits firms back then. But at this moment, the threat is back.”

On a similar note, earlier, the U.S. declared a 100% levies on French Champagne, handbags, and cheese, over digital tax. The U.S. administration stated it might impose disciplinary duties of up to 100% on imports worth $2.4 Billion from France, after concluding that the European country’s new digital services tax will affect the U.S. tech companies. The USTR office stated its “Section 301” investigation revealed that the French tax was “contradictory with customary principles of global tax policy, and is strangely troublesome for affected US companies,” counting Alphabet’s Google, Apple, Facebook, and Amazon.

Leave a Reply

Your email address will not be published. Required fields are marked *