EU warns Trump: auto tariffs could lead to $300B retaliation

EU warns Trump: auto tariffs could lead to $300B retaliation

EU warns Trump: auto tariffs could lead to $300B retaliation

The president's tweet came as the USA faces escalating trade disputes across the world, including with key US allies, over the Trump administration's tariffs.

The European Union has warned the United States that placing tariffs on automobiles would end up hurting the usa economy and would probably result in retaliatory measures from its trading partners. Using a state-by-state analysis, it argues Trump is risking a global trade war that will hit the wallets of US consumers.

The European Union has threatened to retaliate against US President Donald Trump in the escalating trade conflict developing across the Atlantic.

The Australian dollar slumped almost 1 per cent overnight to a low of 73.1 as the greenback rose and amid ongoing trade tension.

The administration is poised to slap tariffs on tens of billions of dollars in Chinese products on Friday and has threatened duties on as much as $450 billion in goods from China, prompting threats of retaliatory measures from Beijing.

The United States is set to impose tariffs on $34 billion worth of additional goods from China on July 6.

SC is not the only state expected to suffer, Iowa pork producers could lose $560 million from a Mexico tariff on the product.

Mr Trump is now mulling tariffs of up to 20% on all cars and auto parts made in the EU. Trump says the WTO has allowed the United States to be taken advantage of in global trade.

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. But Italy blocked their formal adoption until the migration issue was fully addressed.

Retaliation for his tariffs came swiftly. The US imported over $US43 billion worth of vehicles for people transportation in 2017.

Harley-Davidson, which dominates the heavyweight United States motorcycle market, subsequently announced it would shift some USA production overseas to avoid higher costs for European Union customers.

The European Union slapped revenge tariffs on iconic USA products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump.

The Chamber of Commerce is focusing their efforts at the state level.

Canada has struck back at USA steel and aluminum tariffs by imposing punitive measures on $16.6 billion worth of American goods until Washington relents.

Several states that voted for Donald Trump in the presidential election are likely to be among the hardest hit in the trade war the president has triggered, according to the nation's largest business organization.

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