Halloween parties are an annual tradition for many Americans. But this year Halloween may be a little spookier than usual as some popular party items could become more expensive.
On Friday, October 18, new 25% tariffs went into effect on many food and drink imports from the European Union (“EU”). These tariffs were first proposed by the United States Trade Representative (“USTR”) back in April as part of an ongoing World Trade Organization (“WTO”) dispute surrounding civil aircraft subsidies granted by the EU. This month, the WTO finally ruled on the matter, siding in favor of the United States over the EU. As a result, the United States has placed $7.5 million worth of tariffs on European goods.