Economy

Trump on trade: European Union 'possibly as bad as China'

Trump on trade: European Union 'possibly as bad as China'”

US manufacturing expanded more than forecast last month as a gauge of supplier-delivery times shot up amid robust orders and production, data from the Institute for Supply Management showed on Monday.

Instead of backing down, trading partners have responded in kind with similar threats, although the numbers tend to be a little higher, i.e. the USA tariff threat total of $200 billion was met by the EU's threat of $300 billion.

Plastics parts makers also expressed worry.

And Japanese plastics processor Toyoda Gosei Co.

By brawling with America's friends, critics say, Trump has squandered an opportunity to build a united front against China. President Donald Trump cited national security concerns for the previous tariffs. The EU has also requested to participate in the public hearing to be held by the Department of Commerce scheduled for 19 and 20 July. Japan's government has warned in a report that a higher USA tariff on auto imports could backfire, jeopardizing hundreds of thousands of American jobs created by Japanese auto-related companies, raising prices for US consumers and devastating the USA and global economy.

According to the organization, half of all USA manufacturing jobs depend on exports, and 1 in 3 acres on US farms produce crops for the global market.

The commission said "up to $294bn (£223bn) of USA exports. could be subject to countermeasures" that would be considered by the European Union and other trading partners, which amounts to nearly a fifth of the total value of U.S. exports in 2017.

"EU tariffs on Harley-Davidson motorcycles exported from the U.S. have increased from 6 percent to 31 percent", Harley-Davidson said in its filing with the U.S. Securities and Exchange Commission.

"I urge the administration to continue to support pro-growth initiatives, keep our auto market winning streak going and refrain from proceeding with this misguided attack on my company and industry", Hayes wrote. The USW union said that South Korea, Japan and Germany target the USA market for exports while limiting access to their own auto markets.

"It's not positive. We have to work something out", Rutte said. USW urged the administration to exempt Canada from tariffs, however, saying it is a strategic partner. It says Mr. Trump's rhetoric about European trade surpluses is not just unfair, it is untrue: If the full economic picture is taken into account, Mr. Juncker says, the USA actually has a trade surplus with the EU. The recent economic strain is likely to intensify as the effects of the heated China-U.S trade spat ripple through global supply chains.

"The cars are the big one", he said. If your company doesn't have overseas orders, you don't need to employ as many people making your stuff, delivering it or selling it. We bring in millions and millions of cars a year and we charge 2.5 percent.

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 auto parts retailers are included. By the U.S. Chamber's calculation, almost 3.2 million Texas jobs are dependent on worldwide trade. She added that investors, bracing themselves for U.S-China tariffs, may turn to defensive stocks in industries like utilities, telecommunications and real estate. Trump's 25 percent tariff on steel will hurt all American manufacturing dependent on economical steel.

Retaliation for his tariffs came swiftly.



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