We have been seeing tariffs levied by the U.S. Administration government right, left and centre when it comes to products being imported into the country. Obviously, most of these products are the ones which come from China into the US because of the looming trade war which is not coming to an end. However, you might be surprised to note that Chinese products are not the only imported products that the US government has levied tariffs on.
Because we have just seen reports via Reuters that many food items such as French wine, Italian cheese and single-malt Scotch whisky have been slapped with a 25% tariff. Also revealed is the fact that Italian wine, pasta and olive oil have been exempted from the tariffs. The reason behind this is believed to be because of the European Union subsidies on large aircraft.
The U.S. Administration Trade Representative’s Office released an updated list of European products on which tariffs will be levied and there are more than a hundred items listed. These items include cookies, salami, butter and yoghurt – but in many cases applied to only some EU countries, including German camera parts and blankets produced in the United Kingdom.
Apart from that, UK-made sweaters, pullovers, cashmere items and wool clothing, as well as olives from France and Spain, EU-produced pork sausage and other pork products other than ham, and German coffee are also included in the list. The 25% tariffs on these items are expected to come into effect as early as from October 18.
The executive director of the North American Olive Oil Association says that “We’re still digesting what it will mean for the industry, but the total universe of oil affected has been greatly reduced,”. “These tariffs will devastate, perhaps destroy, many small and medium-sized family businesses importing these products into the United States,” says Robert Tobiassen, president of the National Association of Beverage Importers