Wednesday, 14 November, 2018

EU Warns US Imposing Car Import Taxes Could Backfire

EU warns Trump's car tariffs threaten $300 billion of US exports Largest U.S. business group attacks Trump on tariffs
Elsie Buchanan | 03 July, 2018, 21:25

Retaliation for his tariffs came swiftly.

European Union officials are claiming President Trump's new tariffs on vehicle imports could cost the USA economy up to $14 billion.

Although Moog builds all of its synths on United States soil in its North Carolina factory, it relies heavily on circuit boards from China. "When we confront China on unfair trade practices, we need our allies, especially those in the European Union, with us, not against us".

That came on top of the tariffs on Chinese steel and aluminum that went into effect in late March - measures that prompted Beijing to slap punitive duties on 128 USA goods, including pork, wine and certain pipes.

Although they source boards from USA suppliers "whenever possible, paying up to 30 percent over the price of the same circuit boards made overseas", roughly half of the raw components come from China. As with steel and aluminum, "national security" would be the justification.

The European Union, Canada and Mexico - all subject to tariffs on steel and aluminum exports to the USA - have also started imposing duties on American goods in response.

He has also stepped up attacks on the European Union via Twitter and at his public rallies.

Wild brawl erupts between Australia, Philippines during World Cup basketball qualifier
We didn't want it to happen". "Physically our players are fine, they're - you know - bruised and battered ", said Moore. The game eventually resumed in farcical fashion with Philippines fielding three players against Australia's five.


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.

The letter also said any auto tariffs would "damage further the reputation" of the United States, according to the FT.

The group's analysis of the harm each U.S. state could suffer from retaliation by USA trading partners painted a gloomy picture that could bring pressure on the White House from Republicans ahead of congressional elections in November. Trump says the WTO has allowed the United States to be taken advantage of in global trade. Later this month, EU President Jean-Claude Juncker will fly to Washington for talks. This would only be aggravated by the likely counter-measures the 28-nation bloc and other trading partners might take.

Europe is "possibly as bad as China" on trade, U.S. President Donald Trump said in an interview broadcast Sunday, with trade wars emerging against both the Asian giant as well as longtime allies in Europe and Canada.

"We ask that you will support us by imploring our elected officials to recognize that these tariffs are seriously harmful to American businesses like Moog", the company says.

Mr. Trump is unlikely to be moved by economic arguments or relevant statistics.

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