Trade wars

U.S. confirms tariffs on $7.5 billion in EU goods will take effect Friday

The U.S. trade representative's office confirmed late Thursday that tariffs on $7.5 billion of European goods will take effect Friday. Aircraft produced in the EU will be slapped with 10% tariffs, while other products, such as cheese and whisky, will be slapped with 25% tariffs. The Trump administration announced the move earlier this month after the World Trade Organization ruled the U.S. could impose tariffs in retaliation for illegal preferential treatment by the EU for aircraft maker Airbus SA. President Donald Trump said Wednesday that the U.S. could not lose a trade war with Europe because of the large trade imbalance that exists. "I can remedy the situation very easily," Trump said.