EU warns Trump: auto tariffs could lead to $300B retaliation
03 July, 2018, 00:25 | Author: Lora Ball
The EU warned the Commerce Department against imposing a reciprocal 25-percent tariff on European vehicle imports due to its possible negative impact to U.S. GDP growth.
In a submission to the United States authorities, the European Commission warned: "Economic analysis confirms that an increased tariff on these products (cars and auto parts) will be harmful first and foremost for the United States economy".
According to the report, the EU exported $43.6 billion worth of cars to the USA last year, while approximately $7.2 billion worth of cars went from the United States to the European bloc.
The European Union warned the Trump administration Monday that it might slap tariffs on $300 billion of US exports in retaliation for Trump's threatened tariffs on European cars.
Experts say an increase in USA tariffs could pose a serious challenge to European auto-makers.
The company added: "It would be highly impractical to take parts for commercial vehicles created to safely transport the average US family in comfort and meet strict USA environmental and safety requirements and incorporate them in a military vehicle".
"The European Union is possibly as bad as China, only smaller", Trump said on Fox News' "Sunday Morning Futures" program.
General Motors warned Friday that new auto tariffs would undermine its ability to compete. They don't want our farm products.
EU officials also said around 60-percent of US -made cars of European brands are exported into third countries, which benefits the USA economy. "They treat us very unfairly".
Its ironic that the protectionist concept of trade tariffs will essentially threaten jobs in the USA, as usual in any conflict, trade or otherwise, there is always "collateral damage".
Trump has singled out the Europeans as a problem as great to the USA on trade as China and laid out threats to fight the EU with a 20 percent duty on EU auto imports, a particular source of his scorn.
USA stocks closed higher Monday after a last-minute market rally erased the losses from a daylong slump.
The submission comes as the Commerce Department investigates automobile imports to the U.S.
The European vehicle industry in the United States supports some 120,000 jobs in its factories that are mainly in the southern region of the country.
The potential new European Union measures would apply "across sectors of the USA economy", the letter stated. On Sunday, Canada started imposing tariffs on billions of dollars of US goods in response to the Trump administration's duties on Canadian steel and aluminum.
On the same day, Ronaldo and Lionel Messi exited the World Cup without having ever scored in the second round of the competition. Uruguay have the deadly attacking duo of Edinson Cavani and Luis Suarez , who have three goals between them.
Donnelly said he had a "good conversation" with Trump and "will thoroughly review the record and qualifications" of the nominee. Kevin Cramer, R-ND, speaks at the 2018 North Dakota Republican Party Convention in Grand Forks, N.D., April 7, 2018.
Most notably, the repeated injection of the racist adage, "The only good Indian is a dead Indian", has been sharply criticized. But let's just take a minute to remember the very bad way Wilder described the Native Americans her family encountered.
Two goals in injury time from South Korea pair Kim Young-Gwon and Son Heung-Min meant that they finished rock bottom in Group F. Head coach Shin Tae-yong on previous defeat to Mexico: "I think our players played a game that they will not regret".
Brazil eliminated Serbia and secured their place in the second round of the World Cup after a comfortable 2-0 victory in Moscow . Mitrovic has scored 18 goals in 26 games for Fulham and Serbia in 2018 and is a constant threat, especially from crosses.
There were reports of a "Godfather" offer from the Lakers that may have involved most, if not all of the assets I just mentioned. The Spurs' Kawhi Leonard , left, split a pair of NBA Finals showdowns with LeBron James when the latter was with the Heat.
The Boston Celtics , Cleveland Cavaliers , Philadelphia 76ers and Los Angeles Clippers have reportedly made offers for Leonard. My favorite part in this soap opera is that Gregg Popovich is doing everything he can to stiff-arm the Lakers.
Local news reports said a neighbour made the grisly discovery after checking on the family after they failed to open their shop. In a shocking incident on weekend, 11 members of a family were found hanging in their home at Sant Nagar in North Delhi .
Mr Seehofer said last week that Mrs Merkel had two weeks to reach an agreement with her European partners on immigration. With an agreement appearing elusive, Germany says it is now pushing for "bilateral, trilateral and multilateral" deals.
They also held talks in Saudi Arabia, which does not recognise Israel but shares its enmity toward Iran. Kushner said he does not believe that Abbas has the "ability" to make a peace deal with Israel.
Why Oil Prices Are Surging
Iran's rial currency has lost up to 40 per cent of its value since last month, when Trump pulled out of the 2015 nuclear deal. Opec agreed with Russian Federation and other oil producers to raise output by a million barrels per day earlier this month.
Germany out of tournament after losing to South Korea
Germany's loss in Kazan meant that they finished bottom of Group F, while Mexico and Sweden progressed to the last-16 stage. In case you missed last night's developments at the FIFA World Cup in Russian Federation , a lot happened.
Serena Williams seeded for Wimbledon
Williams had said before the ruling that the idea of the sport changing the way maternity leave is treated is bigger than her. Serena Williams will be seeded No. 25 at Wimbledon for this year's Grand Slam event in London, it was announced Wednesday.
Travel ruling could boost other immigration suits
Wade to finally be overturned in one of several battles over pro-life state laws now winding through the legal system. He joined his fellow conservatives in the 2000 ruling that effectively gave the US presidency to Republican George W.