Your fancy European wine and cheese may get more pricey due to a dispute over aircraft sales that goes back to the administration of President George W. Bush.
The United States is in for another trade war, this time with the European Union, involving tariffs on about $15 billion a year in imported goods. But, unlike previous fights with Mexico and Canada, and the ongoing one with China, this isn't a whim on the part of President Donald Trump. Instead, it's a dispute over aircraft sales that goes back to the administration of President George W. Bush.The genesis of the new tariffs is an old dispute between the U.S. and four E.U.
That's where the tariffs come in, although the process can clearly take a long time."With these kinds of WTO cases, if there's a finding against a WTO member for providing the kinds of subsidies that aren't allowed, the country that's injured by that can respond by imposing tariffs on goods from the other country," Thomas said.
That's why there's such an emphasis on foods such as cheeses and olive oils. Often, part of the marketing cachet is the origin of the product, such as a cheese or olive oil from a specific region of France or Italy. If it must be made in that area, there is no way for producers to avoid tariffs and they would, in theory, put pressure on their governments to solve the problem.
"The additional management behind those tariffs will take extra human resources, extra management and paperwork, and will drive the cost of trade up," Monarch said. Then there's the profiteering."A lot of [companies] use the tariffs not as an excuse but as a scapegoat for increasing prices beyond them. Maybe they were already planning a price increase in the future. This is an opportunity to do it now and blame someone else for it.
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