OUT FOR THE COUNTER

Irish public may face grocery price hikes if new EU tariffs imposed in response to US ones | Markets veer from recovery to fear as Don hints at making deals.

- LOUISE BURNE

THE European Union could impose tariffs on soybeans, poultry, rice, motorcycles, tobacco, make-up and denim in response to the US tariffs on steel and aluminium.

However, the bloc will not target whiskey, wine, or dairy products for now.

Grocery prices for Irish consumers could increase if the EU goes through with the counter-tariffs as a large number of them are aimed at food products.

Taoiseach Micheal Martin yesterday insisted that negotiations must take place between the US and the EU as he warned that "economic advice across the world is pointing in the direction of a recession".

Later this month, the EU will decide how to respond to the 25 per cent tariff on all EU goods going to the US.

Foreign Ministers gathered in Luxembourg on Monday to discuss the EU's response to US President Donald Trump's decision to impose tariffs on steel and aluminium imports.

An initial list of countermeasures, seen by The Star, contains new import duties on hundreds upon hundreds of US products.

This includes new taxes on some vegetables, some fruit juices, sweetcorn, beans, including soybeans and kidney beans, rice, cereals and peanut butter.

Exports of poultry, beef and eggs will face higher charges, as will a range of different berries, tea, coffee and spices. Duties will be put on some tobacco products, including cigarettes.

They will also be applied to some beauty or make-up products. Hair spray, or hair lacquers, and shampoo will also be hit, as will sunbeds and toilet paper.