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A cargo ship arrives at a German port in Hamburg. Photo: Elena Eliachevitch/Getty Images

The European Union announced Wednesday that it will impose tariffs on American goods starting in July in response to President Trump's decision not to exempt Europe from sweeping aluminum and steel tariffs, reports AP. The EU exported 5.5 million tons of steel to the U.S. in 2017.

The details: The EU tariffs will affect about $3.4 billion worth of U.S. products. The goods caught in the crossfire include bourbon whiskey, motorcycles, denim, cigarettes, cranberry juice, orange juice, some pants and shorts, some bedlinen, corn, tobacco, t-shirts, motor boats, some rice, some beans, peanut butter, and forms of aluminum and steel.

“It is a measured and proportionate response to the unilateral and illegal decision taken by the United States."
— European Commission Vice-President Maros Sefcovic to reporters

The European bloc has also taken its case against the U.S to the World Trade Organization.

Go deeper: The full list of American products caught in Trump's trade war

Go deeper

Updated 30 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 46 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.