On November 7th, the EU commission announced a new 25% duty on imports concerning several products from the US. This tax is effective from November 10th, which means today. Only the products that were shipped prior to today will be exempted.
Amongst the 141 types of products concerned, inshell and shelled peanuts are included.
This measure, which is applied by the EU as a sanction, has been approved by the World Trade Organization. It is a reflection of the duty imposed by the US on European products including wine, cheese, olive oil, and aircraft products.
Although this action from the European commission seems fair towards the United States, we regret the timing of these regulations and the absence of a transitional period that usually lasts 3 months. The repercussions on the short term will affect European taxpayers and consumers more than it will affect the United States. Indeed, contracts for the supply of products imported from the US are already signed and the duty increase will eventually fall back on consumers, or be paid by European companies that might, in return, pay less taxes. Moreover, sellers of products from other origins are taking this opportunity to increase their prices.