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

04 July, 2018, 01:42 | Author: Lawrence Cooper
  • Donald Trump

The EU has imposed retaliatory tariffs on goods worth €2.8 billion ($3.27 billion), primarily on US-built motorcycles.

For example, the Chamber said Texas could see $3.9 billion USA worth of exports targeted by retaliatory tariffs; Tennessee, $1.4 billion United States; and SC, $3 billion US.

At Trump's insistence, Canada, Mexico and the US are renegotiating the North American Free Trade Agreement (NAFTA).

SC has some $3 billion in exports to those countries that either will or could be affected by the new tariffs.

President Donald Trump has boldly declared that trade wars are easy to win.

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

Assuming counter-measures along the lines of those taken in response to existing USA import tariffs on steel and aluminium, up to US$294 billion of U.S. exports - 19% of overall United States exports - could be affected, the submission said.

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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. Mexico is adding duties to pork imports.

States with large automobile production facilities, such as SC, are among the most exposed to the tariffs, according to Bloomberg News. China, which has announced tariffs on $34 billion in American goods, is a critical soybean market for us producers.

Mr Trump tweeted on the weekend that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels".

Trump has sparked a global trade conflict by placing or threatening punitive tariffs on hundreds of billions of dollars' worth of goods from China, Mexico, Canada, and the European Union.

"I think the European Union - we're going to be meeting with them fairly soon", Trump said. China is expected to strike back with tariffs on a similar amount of US exports. For instance, one of Trump's top targets - Canada - imposes average tariffs of 4.2%, compared to the US's 3.5%.

Retaliation for his tariffs came swiftly.

It also underscores China's new boldness in trying to seize leadership amid divisions between the United States and its European, Canadian and Japanese allies over issues including free trade, climate change and foreign policy. "[Jordan is] a great guy ... so it's sad for me to hear that he's denying knowing about" the allegations against Dr. Richard Strauss, said Dunyasha Yetts, who wrestled at the school between 1993 and 1994 and claims he personally told Jordan about the alleged abuse.

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