Largest US business group attacks Trump on tariffs

Largest US business group attacks Trump on tariffs

Warner's comments come after the US president threatened to impose auto tariffs in an interview with Fox News Sunday, noting cars are "the big one".

Economists at Bank of America Merrill Lynch have warned that a full-fledged trade war, especially one that lasts more than a year, would slow the US economy.

"I don't think trade wars are good for anybody", said Tom Bracken, president of the New Jersey Chamber of Commerce.

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.

Donald Trump's trade war and policies, in general, are now being attacked by the U.S. Chamber of Commerce.

The Chamber's report finds that $3.9bn (€3.3bn) worth of exports from Texas could be targeted by retaliatory tariffs, including $1.6bn from Mexico and $1.4bn from China. 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. The EU and the U.S. industry specialise in largely different market segments and over the last 5 years imports from the EU have been stable.

BMW has identified itself as the only vehicle manufacturer that produces more cars in the US than it sells here.

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The EU's letter reportedly said the bloc had not yet decided on countermeasures to any new auto tariffs but said it was "likely" to apply them to "a significant volume of trade" in the event Trump imposed such tariffs. "They treat us very unfairly". Of the 10 states facing the biggest financial losses, seven voted for Trump in the presidential election, according to the report.

The commission also pointed out that European auto companies employ 120,000 Americans in manufacturing plants in the United States.

Trump has slapped tariffs on billions of dollars worth of steel and aluminum imports from China, the European Union, Canada and others, prompting retaliation against U.S. products. Farmers will pay dearly for 25 percent retaliatory tariffs on soybeans, which China plans to impose on Friday.

President Donald Trump cited national security concerns for the previous tariffs. This weekend, Ottawa imposed tariffs on USA goods worth around $12.6 billion. "We cant send our cars and if we do they charge many, many times the tax that we stupidly don't charge".

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.

President Trump, on the other hand, has until November this year when the Democrats could potentially regain control of the House of Representatives. "If they do that final assembly, the last screw operation in the United States, they actually get really, really strong intellectual property protection because it's all done in the United States and never leaves the shore".

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