Newsflash: US to Raise Tariffs on EU Goods

October 4, 2019

The U.S. Trade Representative (“USTR”) announced that it will impose 25% tariffs on more than 150 goods imported from
European Union (“EU”) countries.

Some of the products that will be subject to the additional 25% tariff are British apparel; Irish and Scottish whiskey; German
and British hand tools; books, olives, and wine from France, Germany, Spain, and the UK; and self-propelled machinery from
Germany and the UK (see link below for full listing) to name a few. Additionally, there will be a 10% tariff on new aircraft from
France, Germany, Spain, and the United Kingdom. All tariffs will be effective October 18.

The announcement came after the World Trade Organization (“WTO”) determined that the U.S. can impose up to $7.5 billion
annually in countermeasures against the EU for its failure to fully comply with a previous WTO ruling against subsidies provided
to aircraft manufacturer, Airbus. The USTR has previously stated that once implemented, the tariffs will only be lifted “when
the EU ends these harmful subsidies.”

View the full USTR press release here. Follow this link for the list of goods affected. Further updates will be provided as they
are available. In the meantime, if you have any questions please contact your local Masterpiece representative.

Thank You,

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