New Trump tariffs may force Moog to lay off workers

Trump European Union is 'possibly as bad' as China on trade

Jeff Flake Reacts to Trump’s Claim EU ‘Possibly as Bad’ as China on Trade: ‘This is So Wrong, Mr. President’

The US Chamber of Commerce, the United States' largest business group and customarily a close ally of President Donald Trump's Republican Party, is launching a campaign on Monday (July 2) to oppose Mr Trump's trade tariff policies.

Reuters was the first to report on the campaign Monday.

Trump is also considering a 20 percent tax on imported cars in the name of national security, and has tariffs on $200 billion in Chinese goods.

Trump's views on tariffs have been a sore subject, even among fellow Republicans who have criticized Trump's imposition of steep tariffs against USA allies.

Trump has slapped tariffs on billions of dollars worth of steel and aluminum imports from China, the European Union, Canada and others, prompting retaliation against U.S. products.

Schinas said European vehicle makers create over half a million jobs in the U.S.

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

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.

Malaysian authorities arrest former premier Najib Razak
In addition, the police have seized cash, handbags and jewelry valued at more than 1 billion ringgit as part of the investigation. Najib has consistently denied wrongdoing in dealings with 1MDB, which is short for 1Malaysia Development Berhad .

In a letter to USA authorities, the European Commission, which handles trade policy for the bloc's 28 members, painted a stark picture of what the U.S. economy would face if Trump followed through on his threat. 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.

Although they source boards from U.S. 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.

Trump initially granted Canada, EU members and other nations exemptions on the metal tariffs - 25% on steel and 10% on aluminum.

ENERGY: Oil futures recovered from the previous day's downtick, after Trump claimed that Saudi Arabia could produce up to double of the 1 million barrels-a-day increase agreed by OPEC countries.

Those measures would apply "across sectors of the U.S. economy", the letter reportedly said.

The US manufacturing industry was also stronger in June.

Australia has tariffs of 15% or higher on just 0.1% of tariff lines. For instance, one of Trump's top targets - Canada - imposes average tariffs of 4.2%, compared to the US's 3.5%. The rate is expected to remain unchanged at 1.5 percent. Westpac forecasts they will fall by 4.0 per cent in May.

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