Trade war is targeting Heinz Ketchup in the middle of the summer barbeque season!
First it was Harley-Davidson and bourbon that the Europeans went after in the trade war against President Trump.
Initially, the US has gone after tariffs on the European cars. The EU charges a 10% tariff on imported passenger vehicles which is higher than the 2.5% duty applied by the US. However, the US does have a 25% tariff on light trucks.
According to the Financial Times “European officials said the much-loved tomato sauce condiment is one of dozens of products set to be included on an €18bn retaliation list being drawn up by the European Commission as it prepares for a decision by Mr Trump to hit EU cars and car parts”. “Mr Trump argues, has led to a $151bn trade deficit in 2017 with the EU.“
Supposedly, frozen fish, raisins, suitcases and even adhesive bandages are the next items to come.