EU warns US of major hit if car tariffs imposed

EU warns US of major hit if car tariffs imposed

TRADE TENSIONS: The European Union on Monday slammed the Trump administration for considering higher tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in usa goods. They don't want our farm products.

The Trump tariffs would violate global trade rules, the commission said, adding that European auto imports into the United States do not pose a threat to the American automobile industry.

According to the Reuters news agency, the US Chamber of Commerce declared that his efforts to counter trade imbalances would prove counterproductive as they would damage the spending power of businesses and consumers alike. "They treat us very unfairly".

The impact of retaliatory measures by Washington's trading partners could total around $294 billion - or around 19 percent of total US exports in 2017, the European Union estimates.

The administration is poised to slap tariffs on tens of billions of dollars in Chinese products on Friday and has threatened duties on as much as $450 billion in goods from China, prompting threats of retaliatory measures from Beijing.

Canada's retaliatory tariffs against American imports, including Florida orange juice, ketchup and bourbon, were due to take effect on July 1.

The bloc exported 37.4 billion euros (US$43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

"Despite Trump's bluster, trade wars should not be invited and are never easy to win", said Pascrell, a member of the House Ways and Means Committee, which oversees trade issues.

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When Trump tried to say Monday that it's not a big deal if the trade dispute with the European Union continues, Dutch Prime Minister Mark Rutte literally laughed in his face.

Trump on Wednesday said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China.

Trump reiterated in the interview that he is not backing down in his tariffs dispute with China.

China is expected to impose a new 25-percent tax on soybeans in July.

"The economy is doing perhaps better than ever before, and that's prior to fixing some of the worst and most unfair Trade Deals ever made by any country", he tweeted.

Many U.S. manufacturers have decried the tariffs.

The 25 percent import tax could push the synthesiser company outside the US.

That came on top of the tariffs on Chinese steel and aluminum that went into effect in late March - measures that prompted Beijing to slap punitive duties on 128 US goods, including pork, wine and certain pipes.

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