As US President Donald Trump’s widest-ranging tariffs to date took effect Saturday, the White House said it had lowered planned levies on two French overseas territories. Trump’s move has already triggered retaliation and economists fear a major upset to the global economy.
In a list of countries and territories published Wednesday, the Trump White House had said it would slap duties of 37 percent on imports from Indian Ocean territory La Reunion and 50 percent on those coming from tiny Saint-Pierre-et-Miquelon in the north Atlantic.
La Reunion (Reunion Island) – part of the European Union’s shared customs area, but considered a separate territory for tax purposes – will instead face a 10-percent tariff, according to a version of the list made available Friday.
Saint-Pierre-et-Miquelon – technically not part of the European Union – will be hit with the same levy.
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That would bring the two territories into line with other French overseas territories Guadeloupe, Martinique, French Guiana and Mayotte.
French industry leaders back Macron’s call to freeze US investments
La Reunion’s regional president Huguette Bello had blasted Trump as “ignorant” on learning of the initial tariff rate Wednesday, while Saint-Pierre-et-Miquelon MP Stephane Lenorman attacked “incompetence in the American administration.”
The Dow Jones dropped 5.5 percent and the S&P 5.97 percent.
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