US targets $3.1 billion of EU, UK imports for new tariffs

According to a notice published late Tuesday, the United States is weighing new tariffs on $3.1 billion of imports from the EU and the UK for new tariffs.

The notice states that the US wants to impose new tariffs on European exports like olives, beer, gin and trucks, while also increasing duties on other products including aircraft, cheese, and yoghurt. The US is also looking to target European luxury goods and the notice makes mention to the 15-year old WTO aircraft subsidy fight between the US and the EU.

The headlines raised fears about a further escalation of trade tensions, which dented the already weaker sentiment and provide some additional boost to the US dollar's perceived safe-haven status.