European Union to impose duties on United States imports on Friday after Trump tariffs

US President Donald Trump

US President Donald Trump

The imposition of tariffs has raised the specter of a full-blown trade war, which could be costly to consumers, jobs and the global economy.

The paper refers to research by Rhodium Group, which found that Chinese investment in the United States declined by 92 percent to $1.8 billion in the first five months of this year - its lowest level in seven years.

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 big trade conflagration, however, is with China.

The economic difficulties America is facing are a result of its aggressive trade policy, not China or other countries, according to the daily.

The US and European Union have imposed mutual tariffs.

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Brussels imposed the raft of duties on U.S. products worth 2.8 billion euros (£2.45 billion) in a tit-for-tat response to Mr Trump's decision to slap stiff tariffs on European steel and aluminium exports.

The European Union this week triggered the first phase of retaliation against the USA over its metal-import tariffs imposed on national-security grounds, making good on more than three months of threats to hit American goods with tit-for-tat levies.

Trump recently approved heavy tariffs on $50 billion of Chinese imports.

The equivalent value of €2.8 billion worth of USA goods that will be hit by import duties charged by the EU. Trump said he would then retaliate against any counterpunch from Beijing by targeting an additional $200 billion in Chinese products, and then yet another $200 billion if China refused to back down.

The tariffs and threats have begun to take a toll.

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So far, Rheinnecker has managed to pass along the higher costs to his customers.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22. But it's been overwhelmed by more than 20,000.

The rising tensions and the chaos surrounding the steel and aluminum tariffs are starting to generate pushback on Capitol Hill.

"But then you get to the real business of trying to be prosperous".

"The EU has a responsibility to stand up for open global trade". An earlier version misspelled his surname as Balesu and incorrectly said he was the restaurant's owner.

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