Published: Ср, Июля 04, 2018
Business | By Kate Woods

EU warns U.S. of boomerang effect if Trump imposes car levies

EU warns U.S. of boomerang effect if Trump imposes car levies

The EU warned in a 10-page submission to the US Commerce Department that imposing import tariffs on cars and auto parts would harm the US automotive industry and may lead to retaliatory tariffs on $US294 billion ($401 billion) worth of US exports, almost one-fifth of US exports.

The EU warned the Commerce Department against imposing a reciprocal 25-percent tariff on European auto imports due to its possible negative impact to U.S. GDP growth.

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.

In the interview the president again complained about Canada's protected dairy industry, saying "that's not fair".

But mounting trade tensions have opened a rift with the president.

Moog is asking its customers to protest tariffs that may result in job losses.

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. China is expected to strike back with tariffs on a similar amount of USA exports.

Its ironic that the protectionist concept of trade tariffs will essentially threaten jobs in the USA, as usual in any conflict, trade or otherwise, there is always "collateral damage".

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On Monday, he threatened to take action against the World Trade Organisation after media reports said he wanted to withdraw from the global trade regulator. These penalties would take effect, Trump has said, if Beijing fails to reform its trade practices and proceeds with retaliatory tariffs. But Italy blocked their formal adoption until the migration issue was fully addressed. He dismissed suggestions that his attacks on the European Union were counterproductive.

Such a war could cost jobs, Bracken said. The EU, which described the move as "pure protectionism", introduced duties on USA products in return, as did Mexico, Canada, Turkey and India.

Owing in part to President Donald Trump's tax reform, which cut the corporate tax rate to 21% from 35%, companies listed in the S&P 500 Index boosted stock buybacks, setting a new record for the group during the first quarter.

Mr Trump has previously been persuaded to back off trade threats with the argument that states that backed him in the 2016 presidential campaign will be hard-hit.

It responded with "rebalancing measures" that hit around €2.8 billion worth of American-made products.

Global equities fell on Monday as investors anxious about an escalation of the trade disputes.

Pushing back against Mr Trump, the chamber based a state-by-state analysis on data from the US Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

The potential new European Union measures would apply "across sectors of the U.S. economy", the letter stated.

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