Economy

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

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

The European Union warned on Monday that up to $294 billion worth of usa exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports. They don't want our farm products.

But based on tariff data, Trump's top targets aren't guarding their trade much more than the US.

China, Japan, and South Korea all reported that their export orders eased back in June as trade tensions continue with the US.

The European Commission, the EU executive that handles trade for the bloc, said on Monday it was trying to convince its U.S. counterparts that imposing such tariffs would be a mistake. "They treat us very unfairly".

Canada has struck back at US steel and aluminum tariffs by imposing punitive measures on $16.6 billion worth of American goods until Washington relents.

It also argued that tariffs on cars and vehicle parts could hurt economic growth in North America, with an estimated initial $US13-14 billion hit on U.S. gross domestic product. "When we confront China on unfair trade practices, we need our allies, especially those in the European Union, with us, not against us".

Trump's Republicans are fighting to retain control of Congress in November midterm elections.

The EU, China, Mexico and Canada have all retaliated against the USA steel and aluminum tariffs of 25 percent and 10 percent, respectively, including Canada slapping the US with a 25 percent tariff on steel and iron while hitting 250 other US goods including maple syrup, dishwasher detergent, coffee beans and strawberry jam with a 10 percent penalty.

Mr. Trump's administration wants Germany - which would be hardest hit by automotive tariffs - to pressure the European Union to come to an agreement. One of the first efforts to fight back came in the form of $50 billion in tariffs issued on 545 product categories by China.

"No, no, no, no", he said, noting that more tariffs could be imposed if there is no deal with China.

"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.

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.

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

With some of America's tightest trading partners imposing retaliatory measures, Trump's approach to tariffs has unsettled financial markets and strained relations between the White House and the Chamber.

Canada has the rate on 6.8% of tariff lines.



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