American corn faces import levies of up to 25 percent, according to a 10-page list of potential targets for retaliatory tariffs released by the European Commission, reported AgriCensus. The tariffs would counter the Trump administration’s announcement that it intends to imose high tariffs on imports of steel and aluminum.
“What is notable is the EU did not, however, threaten to tax the $1.7 billion worth of U.S. soybeans it imports every year,” said AgriCensus. “That refusal may indicate how hard it would be for the EU, or other big importing nations such as China, to find alternative sources of soybeans.” The U.S. share of EU corn imports is down this year from 2017 levels, while Brazil and Ukraine have expanded their sales.
Ten percent of U.S. steel imports come from Europe. China, the world’s largest producer, is blamed for distorting steel prices.