European Union 'possibly as bad as China' on trade with US, Trump says

European Union 'possibly as bad as China' on trade with US, Trump says

European Union 'possibly as bad as China' on trade with US, Trump says

Chamber of Commerce, which spent $7 million on the 2016 elections to support Republicans, said the president's tariffs on exports to Canada, Mexico, the European Union and China also could affect the 1.2 million employees in New Jersey whose jobs are dependent on trade.

European Commission spokesman Margaritis Schinas said the US investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates global trade rules", just like last month's USA tariffs on steel and aluminum imports.

Against China, the world's second-largest economy, the White House in mid-June announced stiff 25 percent tariffs on Chinese imports, sparking immediate retaliation from Beijing.

Canada retaliated with $12.6 billion in tariffs against American-made products after the Trump administration targeted steel and aluminum imports with new tariffs. The EU, which described the move as "pure protectionism", introduced duties on USA products in return, as did Mexico, Canada, Turkey and India.

On Monday, the European Union warned that $300 billion in USA exports could be hit by retaliatory tariffs.

The bloc argues that for some goods, such as trucks, United States import duties are higher. Traders are reacting to retaliatory events and the imposition of fresh tariffs at the end of the week. The EU has targeted $3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidson (HOG.N) motorcycles.

According to the Financial Times, European leaders are getting more convinced that President Donald Trump will put new tariffs on European cars.

Protesters set up camp outside Philly ICE office
But, while it was unlikely to gain much traction on the right, Trump on Saturday backed ICE agents and said there was "zero chance" of ICE being abolished.

"European cars do not threaten or impair the health of the USA industry and economy", Schinas said.

In a written statement to the U.S. Department of Commerce, the EU set out clear plans to respond to potential U.S. duties on European cars.

Michigan's auto industry, steel products and aluminum products are the hardest hit by tariffs.

On Friday, Canada's foreign minister announced that Ottawa plans to impose about $12.6 billion worth of retaliatory tariffs on us goods on July 1.

The commission also underlined that European auto companies were important contributors to the U.S. economy and "well established" there. "So if there's countries out there that want to do that, I'm sure he'd be happy to sit down and make that happen right now and move this process forward a whole lot quicker".

Trump has defended the policies, arguing last month the tariffs are necessary because the U.S.is being "ripped off by other countries".

Canada has the rate on 6.8% of tariff lines.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.