Daily Trends Now
Daily Trends Now


EU 'possibly as bad as China' on trade

EU 'possibly as bad as China' on trade

The EU has targeted US$3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidson motorcycles. The submission said European auto companies are "well established" in the United States.

Whle tariffs could jeopardize $47 million in exports to China, the U.S. Chamber said, Pascrell said China's unfair practices have cost millions of American jobs.

Another official described the dispute between Trump and Western allies at the Group of Seven summit last month as a gift to Beijing because it showed European leaders losing a long-time ally, at least in trade policy.

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

In a push against President Trump's move to increase taxes on imported goods, the nonprofit released a study outlining economies it deems to be the most vulnerable in the event of a trade war.

General Motors also warned that proposed tariffs on foreign cars and parts could result in fewer cars being built on United States soil.

Canada, Japan, and Australia all keep their average tariff level in the same strata as the US.

The business lobbying group says farm states and states with large vehicle production plants will be particularly vulnerable.




The EU said the US auto industry is in good health, but any restrictive duties could undermine that trend.

"We'll spare no effort, be it at the technical or political level, to prevent this from happening", a spokesman for the Commission told reporters, adding that Commission President Jean-Claude Juncker's trip to Washington later this month would seek to stop any new U.S. tariffs.

China, India, Canada, Mexico, Norway, the European Union and Russian Federation have all filed complaints, arguing the usa duties are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards.

Canada and the USA are among the world's largest trading partners, with an estimated $673.9 billion in goods and services exchanged in 2017, with the US scoring a small surplus ($8.4 billion), according to USA government data. Now in all fairness they have their farmers.

Retaliation for his tariffs came swiftly.

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

The US tariff on Chinese goods is threatening jobs at the Moog synthesiser company.

Mr Trump has previously been persuaded to back off trade threats with the argument that states that backed him in the 2016 presidential campaign will be hard-hit. The idea was that China's additional purchases would shrink its trade surplus with the United States. "I love those countries", said Trump, naming Germany and Scotland.

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