EU warns US of major hit if car tariffs imposed

EU warns US of major hit if car tariffs imposed

While many other issues are dominating the headlines - the Supreme Court, immigration, and developments in the Russian Federation investigation - the slow burn of the United States' looming trade war may become one of the most significant stories in the months to come.

He said, "They send a Mercedes in, we can't send our cars in".

Trump, however, has repeatedly defended his position, criticizing the European Union, Canada, and China on trade both during the Fox interview and at a recent rally in SC, where Trump went as far as to declare the United States the "piggybank" other nations like to take from.

Donald Trump's trade war and policies, in general, are now being attacked by the U.S. Chamber of Commerce.

The European Union has warned the United States that placing tariffs on automobiles would end up hurting the us economy and would probably result in retaliatory measures from its trading partners. The EU has retaliated against those tariffs with measures of its own, which hit around 2.8 billion euros ($3.26 billion) worth of American-made products.

According to a report in the Financial Times, a letter sent by the European Commission to the US Department of Commerce says the EU could hit $US300 billion of US goods with tariffs if Trump follows through on his threats to place big taxes on European vehicles being imported in the US.

The EU letter said, "In 2017, US -based EU companies, produced close to 2.9 million automobiles, which accounted for 26 percent of total USA production".

The commission said "up to $294 billion of United States exports. could be subject to countermeasures across sectors of the U.S. economy", which was equivalent to a staggering 19 percent of total USA exports in 2017.

There are already signs in the Asian region that the trade war is starting to hurt.


Although Moog builds all of its synths on USA soil in its North Carolina factory, it relies heavily on circuit boards from China.

The Caixin/Markit Manufacturing Purchasing Managers' Index fell slightly in June in China to 51 as new export orders dropped for the third month in a row. Brent crude, used to price global oils, gained 52 cents to $77.82.

EU countries approved a raft of tariffs on Thursday (14 June) targeting United States goods including whiskey and motorcycles in retaliation against painful duties imposed by President Donald Trump on European metals.

ENERGY: Oil futures recovered from the previous day's downtick, after Trump claimed that Saudi Arabia could produce up to double of the 1 million barrels-a-day increase agreed by OPEC countries.

Technology shares rose, boosted by Microsoft, Apple and Facebook, which all increased by 1 per cent or more.

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

As for ZTE, the Chinese telecommunications company, lots of industry watchers, including Kleintop of The Charles Schwab Corporation (SCHW), think that if ZTE is once again allowed to purchase USA equipment, it could ratchet down the tensions between the two countries. Australia's S&P/ASX 200 bucked the regional trend, adding 0.4 percent to 6,205.10, ahead of an interest rate decision by the Reserve Bank of Australia later Tuesday.

The ISM said that demand remained strong but supply chains continued to "struggle" because of import tariffs and the robust economy.

Factory activity in the eurozone came in slightly less than expected at 54.9 over the second quarter.

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