European Union warns Trump that raised vehicle import tariffs would hurt US

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

New Trump tariffs may force Moog to lay off workers

In a letter sent to U.S. Commerce Department Friday, the European Union said tariffs on European cars and auto parts were unjustifiable.

"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home", U.S. Chamber of Commerce President Thomas Donohue said in a statement Monday. It was not immediately clear what those concerns are.

EU officials also said around 60-percent of USA -made cars of European brands are exported into third countries, which benefits the US economy.

The 45th USA president has threatened to impose tariffs on European cars if the EU does not lift tariffs it imposed on U.S. goods in retaliation to tariffs Mr Trump imposed on European steel and aluminium. "Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth".

Bartiromo asked President Trump if the USA should be banding with allies like the European Union to try to "stop China from stealing from" the U.S.

The Chamber based its state-by-state analysis on data from the U.S. Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

General Motors also warned that proposed tariffs on foreign cars and parts could result in fewer cars being built on USA soil. Benchmark U.S. crude fell 12 cents to $74.03 a barrel in electronic trading on the New York Mercantile Exchange. Steel and aluminum products, as well as automobiles, are among Michigan's hardest hit.

United Kingdom faces water shortages and hosepipe bans in heatwave
It's calling on customers to reduce their consumption over the weekend - by not using sprinklers and swapping baths for showers. Meanwhile, speaking earlier this week, ICMSA president Pat McCormack commented on the arrangement in place with Irish Water.

In addition, the submission suggested that these roles would be placed under pressure if a tariff raise had the predicted negative impact on supply of vehicles and parts from the EU.

ANZ economists said they will be looking out for comments from the central bank on demand for loans domestically and rising global risks.

The European Union says that for some goods, such as trucks, USA import duties are higher.

The new 25 percent import tax, which takes effect on July 6th, will drastically increase the price of circuit boards and other components built in China. "With credit growth still cooling and USA tariffs imminent, we expect further weakness ahead", said Julian Evans-Pritchard, senior China economist at Capital Economics. While there is no economic threat to the United States automobile industry which is healthy, imposing restrictive measures would in fact undermine the current positive trends of the USA automobile sector.

The EU said the USA auto industry is in good health, but any restrictive duties could undermine that trend. This weekend, Ottawa imposed tariffs on United States goods worth around $12.6 billion.

Meanwhile, Germany-based BMW has said its investment of nearly US$9bn at the SC plant in the United States supported more than 120,000 jobs.

Latest News