Published: Чт, Июля 05, 2018
Business | By Kate Woods

Top US business group assails Trump's handling of trade dispute

Top US business group assails Trump's handling of trade dispute

The European Union has condemned the Trump administration for considering tariffs on motor imports, saying they could lead to global retaliation against 300 billion dollars (£230 billion) in usa goods.

European Commission spokesman Margaritis Schinas said the U.S. investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates worldwide trade rules", like last month's United States tariffs on steel and aluminum imports.

The EU sent comments to the US on whether auto imports pose enough of a threat to USA national security to justify tariffs and estimating the economic impact.

The Chamber based its state-by-state analysis on data from the U.S. Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

"In 2017, US-based European Union companies produced close to 2.9 million automobiles, which accounted for 26% of total U.S. production", it said, adding that they supported 120,000 United States jobs.

In 2017, $32.2 billion in goods were exported from SC, according to the International Trade Administration (.pdf). That figure would account for 19 percent of USA goods sold in the European Union in 2017.

While it says that it sources circuit boards from U.S. suppliers wherever possible, "paying up to 30% over the price of the same circuit boards made overseas", the majority of the raw components still come from China and it will be unable to avoid the cost increase.

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Trump initially granted Canada, EU members and other nations exemptions on the metal tariffs - 25% on steel and 10% on aluminum.

In the meantime, Trump has told his USA trade representative, Robert Lighthizer, to identify an additional $200 billion in Chinese goods for 10 percent tariffs.

Bartiromo asked President Trump if the USA should be banding with allies like the European Union to try to "stop China from stealing from" the U.S.

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. The EU had calculated that a 25% tariff would have an initial US$13-14 billion negative impact on United States gross domestic product with no improvement to its current account balance. "They firmly believe that free trade is a powerful engine for global economic growth".

"Alternatively, if prices are not increased and we opt to bear the burden of tariffs or plant moves, this could lead to less investment, fewer jobs, and lower wages for our employees", the automaker warned.

"Tariffs are beginning to take a toll on American businesses, workers, farmers and consumers as overseas markets close to American-made products and prices increase here at home", chamber President and CEO Thomas J. Donohue said in a news release.

The warning was included in the European Commission's written response to the Donald Trump administration's investigation into imports of cars and vehicle parts.

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