Thursday, 16 August, 2018

Auto tariffs could lead to $300B retaliation — European Union warns Trump

Donald Trump Image Donald Trump believes the EU treats America 'very badly'
Cristina Norman | 04 July, 2018, 01:36

In a push against President Trump's move to increase taxes on imported goods, the nonprofit released a study outlining economies it deems to be the most vulnerable in the event of a trade war. He's about to find out.

Trump's government is threatening to raise tariffs for EU-made cars to 20% to "rebalance" the EU's 10% tariff on cars imported into its region.

President Trump has long threatened to place tariffs on China, arguing that the country steals the intellectual property of tech companies in the us and as a result should be punished. "We will not escalate, and we will not back down", Freeland said. "It seems as if both sides are fairly dug in". Specifically, Texas could see $3.9 billion worth of exports targeted, Tennessee could see $1.4 billion targeted, and SC could see $3 billion targeted. It had originally proposed the tariffs in April, starting with 1,333 Chinese products.

Meanwhile, the European Union argued that the US's comparably low auto import tariff was countered by higher rates on other vehicles, such as lorries.

SC is not the only state expected to suffer, Iowa pork producers could lose $560 million from a Mexico tariff on the product. It won't target the 284 additions, worth $16 billion, until it gathers further public comments.

"Trump has split the West, and China is seeking to capitalize on that". China is considering a follow-up tariff on an additional 114 US goods, worth $16 billion a year.

The U.S. has complained about Chinese policies that Washington said either forced companies to relinquish key technology or allowed China to steal it outright. That's hardly a coincidence. "And the reason is because if they're not fine, I'm going to tax their cars coming into America, and that's the big one", Trump said.

He did, however, double down on Sunday, saying in an interview with Fox News that: "The European Union is possibly as bad as China, just smaller". About 0.46 percent of the state's gross domestic product - $505 billion was the state's GDP as of 2017 - is threatened by potential tariffs, according to the study. With China promising to retaliate equally, stocks in the US and overseas have been declining.

The European Commission said in a letter that they would hit $300 billion of USA goods with tariffs if needed. But last week, it dropped that plan. Chamber of Commerce tracked the expected effects in each state of U.S.

The House has approved a bill to strengthen the CFIUS law, and the bill will likely be considered by a House-Senate conference committee for a Senate-approved defense measure.

"The European Union past year made, if you look at a trade surplus, which I think is a very important thing, a hundred and fifty one billion dollars", emphasized Trump. They don't want our farm products.

Many individual businesses could soon endure hardship, too.

Retaliation for his tariffs came swiftly. However, the Chamber's numbers show the three most impacted products - refrigerators, paper pulp products and lawnmowers - make up a combined $112 million of the South Carolina's exports to Canada.

For instance, Trump repeatedly cites the high Canadian tariffs on diary as justification for steel and aluminum tariffs on the US's neighbor to the north. "It's awful what they do to us".

As well as the tariff threats, the European Commission is also believed to have warned Trump that his behaviour could "result in yet another disregard of worldwide law" by the United States, as well as saying that any auto tariffs would "damage further the reputation" of the country.

While many other issues are dominating the headlines - the Supreme Court, immigration, and developments in the Russian Federation investigation - the slow burn of the United States' looming trade war may become one of the most significant stories in the months to come.

Dealers said the clear win might settle one source of political uncertainty, but Obrador was also expected to sharpen Mexican divisions with Trump.

Maybe. For a time, it looked as though peace might be at hand. The Trump administration suspended its tariffs after Beijing agreed to increase its purchases of US goods, especially in agriculture and energy.

Its ironic that the protectionist concept of trade tariffs will essentially threaten jobs in the United States, as usual in any conflict, trade or otherwise, there is always "collateral damage". Critics dismissed Beijing's commitments as vague, and Trump chose to proceed with the tariffs after all.

In its submission, the European Union said EU companies make close to 2.9 million cars in the United States, supporting 120,000 jobs - or 420,000 if cars dealerships and vehicle parts retailers are included.

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