European Union to impose duties on United States imports on Friday after Trump tariffs

US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images

However, many lawmakers have expressed concerns that the tariffs will escalate into a trade war that will ultimately hurt American interests.

The European Union (EU) has introduced retaliatory tariffs on United States goods as a top official launched a fresh attack on President Donald Trump's trade policy.

It cut its 2018 profit forecast and German rival BMW said it was considering "possible strategic options" in light of the rising trade tensions between China and the United States. The U.S. and China have been in a tit-for-tat over trade since early May, after they both failed to reach a compromise on Trump's complaints over what he described as unfair Chinese trade practices and a $375 billion trade deficit with the country.

The EU is just region counterpunching against the Trump administration's tariffs.

A trade war is brewing between the world superpowers, US and China and this could have dire economic consequences, not just for the two countries but globally too.

The head of the Irish Whiskey Association, William Lavelle, warned that with the United States the biggest, and Russian Federation the fastest growing, Irish whiskey market, the sector will suffer if free trade is curtailed.

"The EU has a responsibility to stand up for open global trade".

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"I've been honoring my words with actions", Xi told a group of foreign chief executives in Beijing on Thursday.

The continued harsh rhetoric from Washington appeared to cast doubt on that, however.

The US, which has also imposed levies on goods from China, Canada and Mexico, may up the ante with another round of tariffs.

Financial markets have been hit harder with the rise in threats, and auto companies felt the brunt of that on Thursday, even though companies like General Motors and Ford Motor rebounded from earlier stock price lows.

Canada has announced it will impose retaliatory tariffs on C16.6 billion ($12.5 billion) worth of US exports from July 1. China answered that it would match the value of the USA tariffs by placing their own tariffs on American perishable exports, including beef, poultry, pork, dairy products, seafood, tobacco and soybeans.

Last week pork was included in a second round of tariffs to be imposed on July 6.

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