Turkey is targeting US products and India has announced tariffs on 29 USA products, including steel and iron, almonds, walnuts, and chickpeas. It is a $241 million measure that matches the amount of steel and aluminum import duty expected to be collected from India by the United States after the Trump administration imposed the measures earlier this year.
The tariffs, which come as a direct reaction to U.S. President Donald Trump's decision to hit the European Union with tariffs on steel and aluminum, will apply from Friday, the Commission said in a press release.
Analyst Bergqvist argued that his "main concern" over a trade war was the impact on stock markets - and the subsequent knock-on effect for the world economy.
"The Coming Collapse of China" author Gordon Chang, University of Maryland economist Peter Morici, Mercatus Center senior research fellow Veronique de Rugy and MAGA ETF creator Hal Lambert discuss the trade dispute between the USA and China.
Beijing has sought to portray itself as the guardian of global free trade, a crown that has been abandoned by the United States since Trump took office in 2017 with his protectionist agenda.
Other countries hit by the U.S. tariffs have also retaliated, raising fears of a global trade war.
Trump claimed America had been obliged to levy the metals tariffs as it has been exploited as the world's "piggy bank".
Last week pork was included in a second round of tariffs to be imposed on July 6.
The Commission formally adopted a law putting in place the duties on 2.8 billion euros ($3.2 billion) worth of USA goods, including steel and aluminum products, farm produce such as sweetcorn and peanuts, bourbon, jeans and motor-bikes.
Beijing has yet to set a tariff activation date for the remaining 114 USA products, which include crude oil, coal and a host of refined fuel products.
"We did not want to be in this position".
The U.S. Trade Representative said in April that the United States' trade deficit with India had fallen to $23 billion in 2017, a 6 percent decrease, as U.S. goods exported to India rose almost $26 billion, up 18 percent from the previous year. "Of course there are risks, those would depend on how we handle those reforms".