Friday, 21 September, 2018

European Union warns President Trump: Auto tariffs could lead to $300 billion retaliation

EU is possibly as bad as China’ Trump attacks partners in new ‘unfair trade’ rant Francois Lenoir Reuters
Elsie Buchanan | 05 July, 2018, 12:00

Plastics parts makers also expressed worry.

Roughly half of the circuit boards Moog use in their instruments come from China, Moog say that they do try to source their boards from the U.S. where possible, but it results in roughly 30% higher costs, so its not possible to source exclusively domestically.

And Japanese plastics processor Toyoda Gosei Co.

On Monday, Trump said the World Trade Organisation has treated the United States "very badly" and the country will be "doing something" if the organisation doesn't change its ways.

President Trump launched an investigation by the Department of Commerce into whether auto imports pose a national security threat and has threatened to impose 20% tariffs on cars imported from the EU.

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. Their shipments will now be subject to a 25 percent tariff, which will instantly make their crops far costlier in China.

"Toyota shares the Administration's goals of increasing U.S.jobs, growing the economy and strengthening national security", the automaker said. Taking countermeasures against recent tariffs put on imported aluminum and steel as a guideline, the report assesses potential indirect costs at up to $294 billion.

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

Flavio Volpe, the president of the Automotive Parts Manufacturers' Association, said the tariffs would cause "carmageddon" and see the industry "grind to an immediate halt". The USW union said that South Korea, Japan and Germany target the us market for exports while limiting access to their own vehicle markets. USW urged the administration to exempt Canada from tariffs, however, saying it is a strategic partner.

ICE protesters arrested at Statue of Liberty
National Park Service spokesman Jerry Willis told The Associated Press the individuals were taken into custody around 2:30 p.m. So far, it is unclear whether the woman who climbed the massive statue was involved in the protest, but many are assuming so.


"Economic analysis confirms that an increased tariff on these products will be harmful first and foremost for the U.S. economy", the letter said.

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

"The cars are the big one", he said.

That is mainly because they need metal to to build their cars, including many parts from overseas. We bring in millions and millions of cars a year and we charge 2.5 percent.

"Increased import tariffs could lead to a smaller GM, a reduced presence at home and risk less - not more - U.S.jobs", said General Motors, the country's top domestic automaker, in comments submitted to the U.S. Department of Commerce last week.

Heinrich Hiesinger, chief executive of German steel manufacturer Thyssenkrupp, which recently announced its proposed merger with Tata Steel, told Sky News that the company "didn't like it, but could manage" a tailing off of United States exports and profits.

According to the U.S. She added that investors, bracing themselves for US-China tariffs, may turn to defensive stocks in industries like utilities, telecommunications and real estate. Any retaliatory measures by other countries will be much larger than what's happening with steel and aluminum tariffs, and will close off those markets to USA companies, ACC said.

Retaliation for his tariffs came swiftly.

SC is not the only state expected to suffer, Iowa pork producers could lose $560 million from a Mexico tariff on the product.

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