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U.S. imposes record $7.5 billion tariffs on EU goods

Christian Fernsby |
The United States imposed tariffs on a record $7.5 billion worth of European Union goods on Friday, despite threats of retaliation, with Airbus, French wine and Scottish whiskies among the high-profile targets.

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Topics: U.S.    TARIFFS   

The tariffs, which took effect just after midnight in Washington (0401 GMT), came after talks between European officials and U.S. trade representatives failed to win a last-minute reprieve.

The WTO-endorsed onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.

In the line of fire are civilian aircraft from Britain, France, Germany and Spain the countries that formed Airbus which will now cost 10 percent more when imported to the US.

But the tariffs also target consumer products such as French wine, which Trump had vowed to attack in recent months. Wine from France, Spain and Germany will now face 25 percent tariffs.

Speaking in Washington hours before the tariffs were due to come into effect, France's Economy Minister Bruno Le Maire warned the move would have serious repercussions.

"Europe is ready to retaliate, in the framework of course of the WTO," he told reporters shortly after meeting with US Treasury Secretary Steven Mnuchin on the sidelines of the International Monetary Fund annual meetings.

"These decisions would have very negative consequences both from an economic and a political point of view."