Having won the aircraft subsidies case against the EU, the US Trade Representatives’ (USTR) office released the list of EU goods that will bear 25% higher tariffs contributing to a total target of $7.5 billion worth of the region’s exports to the US.
While releasing the list, the USTR also conveyed that it expects to enter into negotiations with the EU to resolve the dispute in a way that will “benefit American workers”.
List of the EU goods (Source: CNBC)
- EU-produced pork, sausage and other pork products other than ham.
- Cheese from most EU countries.
- UK-made sweaters, pullovers, cashmere items, wool clothing.
- German tools, welding machinery, camera lenses, coffee.
- Single-malt Irish and Scotch whiskeys.
FX implications
With the recent addition to the global trade pessimism, market players’ confidence lingers and the same could add strength to the safe-havens like the Japanese Yen (JPY) and Gold. It should also be noted that the Euro (EUR) will also have negative impacts although no major reaction could be witnessed during the early Asian session on Thursday.
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