Spanish Olives Could be the Latest Casualty in Tit for Tariff Row

SPAIN’S world-famous olives could fall victim to President Trump’s latest import tariff threats.

The US president is considering slapping $3.1 billion (€2.7 billion) of charges on olives, coffee, chocolate, beer, gin and some trucks and machinery that are shipped to America from Spain, the UK, France and Germany. This could be a devastating blow to Spain’s export industry as the country starts to rebuild its economy after the coronavirus pandemic.

The announcement was made by the Office of The United States Trade Representative yesterday and the issue will be open for public comment until July 26 before a final decision is made.

Spanish olives exported to the US are already heavily taxed and this could be devastating fo the olive export industry.

The move comes as retaliation against Europe in a long-running battle over tariffs on US civil aircraft manufacturers. The World Trade Organisation deemed the tariffs from the EU were illegal and the US has since imposed $7.5 billion in tariffs on EU goods.

These threats are the latest in the subsidy row.