European Union to impose duties on USA imports on Friday after Trump tariffs

WOLFSBURG GERMANY- MARCH 08 The front of a Volkswagen Golf car is displayed at an assembly line at the Volkswagen factory

President Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from the European Union on June 1.

And the EU's trade chief Cecilia Malmstrom said she was "very worried" the row with Mr Trump could trigger a "full trade war".

The European Commission formally adopted a law putting in place the duties on €2.8 billion (S$4.4 billion) worth of United States goods, including steel and aluminium products, farm produce such as sweetcorn and peanuts, bourbon, jeans and motorcycles.

John Murphy, a senior vice president at the U.S. Chamber of Commerce, estimates that $75 billion in U.S. products will be subject to new foreign tariffs by the end of the first week of July.

Speaking in Ireland, he said: "The trade that we believe in is built on rules, trust and reliable partnership".

OPEC sees strong oil market, possible need for more output
Some OPEC members back increasing output by the lower end of the 300,000 to 600,000 barrel a day range, one of the people said. Both countries have spare production capacity and raising output even at lower prices would yield significant returns.

This report comes after the European Commission announced it approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion).

India raised tariffs on a slew of items in retaliation for the USA imposing higher levies on some products shipped from the South Asian nation, echoing steps taken by China, the European Union and other trading partners.

Case in point: Daimler AG late Wednesday slashed its earnings outlook for the year, saying fewer Chinese consumers will buy Mercedes-Benz SUVs because of tariffs Beijing is slapping on autos imported from the US.

Adding as much as £200m per year to the cost of consumer goods arriving in Britain from the U.S., the measures came after Donald Trump imposed additional tariffs on imports of steel and aluminium shipped from the EU. "Our response will have to be proportionate, reasonable and intelligent".

India had sought to be exempt from the new U.S. tariffs on steel and aluminum.

Pro-EU lawmaker in Britain's Conservative party: 'We could collapse government'
A statement will then be given in the House of Commons on what course the government should take in the event of a no deal. But Mr Field said he would be urging ministers to allow it to be debated by the Commons in government time.

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

On May 31, the White House announced that it would be ending the exemptions at the end of that day.

According to the China Daily, the U.S. is trying to preserve the global economic system, which is working to America's benefit.

Why is the European Union retaliating?

Earlier this week, Mr Trump threatened to impose 10% duties on an additional $200bn (£150bn) worth of Chinese goods which he said would come into force if China "refuses to change its practices".

Blatter arrives in Russian Federation for World Cup despite Fifa ban
However, Blatter joked about his relationship with Infantino, who is from a neighboring town in the same Swiss region. " Fifa has taken note of Mr Blatter's visit to Russian Federation ", a Fifa spokesperson told BBC Sport.

The spat is part of a wider tussle over global trade.

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