Moog warns that Trump trade tariffs pose a threat to its business

Moog warns that Trump trade tariffs pose a threat to its business

The Chamber, the nation's largest business lobbying group and a traditional ally of Trump's Republican Party, said the White House is risking a global trade war with its push to protect U.S. industry and workers with tariffs. It won't target the 284 additions, worth $16 billion, until it gathers further public comments. Trump said, adding that he wants to wait until "after the election".

"Trump has split the West, and China is seeking to capitalize on that".

WHAT HAPPENED TO THE INVESTMENT RESTRICTIONS?The administration settled last week on a less draconian plan: It would back an effort in Congress to strengthen reviews of foreign investment under the existing Committee on Foreign Investment in the United States, or CFIUS.

The European Commission said in a letter that they would hit $300 billion of United States goods with tariffs if needed.

"Engaging in trade wars with our allies would diminish, not enhance, US national security, jobs, and prosperity".

The Trump administration has been recently slapping tariffs on other countries, claiming that the USA was "being treated unfair on trade", raising grave concerns of a global trade war.

The chamber's three million members applauded Trump's business tax cuts in December, but the organization has distanced itself from the president since his call for new tariffs against China, Canada, Mexico, and the European Union.

It also argued that tariffs on cars and auto parts could hurt economic growth in North America, with an estimated initial $US13-14 billion hit on United States gross domestic product. Chamber of Commerce tracked the expected effects in each state of U.S.

The EU has retaliated against those tariffs with measures of its own, which hit around €2.8b ($4.8b) worth of American-made products. Consider American soybean farmers, who send about 60 percent of their exports to China. But they treat us very badly.

"The penalties we could incur from tariffs and increased costs will be detrimental to the future industrial strength and readiness of manufacturing operations in the United States, and could lead to negative consequences for our company and USA economic security".

In May, Trump ordered an investigation into whether imported cars and automotive components could pose enough of a national security risk to warrant tariffs of as much as 25%.

The EU's retaliatory action came after the Trump's administration hit Europe, Canada and Mexico with tariffs on aluminum and steel on June 1.

Asked about that decision, Trump said in the interview that he is not backing down on China tariffs.

The warning came in a detailed response to Trump's threat in a letter to the U.S. Commerce Department.

Mr Trump has threatened to impose a 20 per cent levy on cars from the EU.

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