There we go. Leather and fashion manufacturing officially join the trade war that is underway between Europe and The USA. In fact, on June 22 customs duties on import, in Europe, of some commodities coming from North America, have entered into force. European Union approved such action to hit back at US economic measures applied to aluminum and steel produced in the Old Continent. “We did not want to get to this point – remarks in her release Cecilia Malmström, European Commissioner for Trade -, but unfortunately US unilateral decisions forced us to act this way. Should they change their mind, we ourselves shall withdraw customs duties as well”. Looking at categories of products that are subject to new duties on imports (10% to 25%), there are also some models of bonded materials and shoes for men and women. Which is exactly what Italian fashion system feared and Confindustria did not wish. In the best-case scenario, customs duties might bring to a deterrent effect, as Cecilia Malmström hopes. Yet, in contrast, they might also exacerbate the overall situation, therefore compromising the potential expansion of international trade exchange. The Wall Street Journal has lately reported that President Trump is allegedly planning to embitter restrictions on import of high-tech products coming from China: preconditions are not good at all.
EU joins commercial war against the United States and apply footwear customs duties
