EU Warns US Imposing Car Import Taxes Could Backfire
EU Warns US Imposing Car Import Taxes Could Backfire
03 July, 2018, 15:35
General Motors warned last week, for example, that retaliatory duties from other countries could force it to cut jobs in the U.S. And Wisconsin-based Harley-Davidson has announced plans to shift some of its production overseas in the face of the retaliatory tariffs.
The admonishment, written in a letter to US authorities dated Friday, came as US President Donald Trumpsaid Europe is "possibly as bad as China" on trade in one of his biggest provocations to his country's longtime transatlantic allies.
The European Commission, the EU executive that handles trade for the bloc, said on Monday it was trying to convince its United States counterparts that imposing such tariffs would be a mistake.
A report submitted by the European Commission to the US Department of Commerce on Friday suggests that protectionist measures would do severe damage to the US economy.
It estimated that $294 billion, or around 19% of total U.S. exports previous year, could be affected.
So if you support Moog and their plight, remember this will affect most USA based synth manufacturers - please do what you can.
Dutch PM Tells Trump 'No!' and That He Is Wrong on Trade The Netherlands' leader will be at the White House amid trade tensions involving the United States and a number of allies. He said he wasn't "planning anything now" but if the WTO doesn't treat the USA properly, "we will be doing something".
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According to Foreign Minister Chrystia Freeland, Canada is working closely with the European Union and Mexico to take on the us economic machine. Trump says the WTO has allowed the United States to be taken advantage of in global trade.
The US Chamber also published an interactive map on the Internet showing the impact of the trade dispute in all 50 states.
On Friday, Canada's foreign minister announced that Ottawa plans to impose about $12.6 billion worth of retaliatory tariffs on us goods on July 1.
Trump's threat was the latest salvo in an escalating trade war that saw the EU slap duties on US-made jeans and Harley Davidson motorcycles in a tit-for-tat response to United States tariffs on European steel and aluminium exports.
Harley-Davidson, which dominates the heavyweight US motorcycle market, subsequently announced it would shift some USA production overseas to avoid higher costs for European Union customers.
The EU said in its submission that EU companies make around 2.9 million cars in the USA, which supports 120,000 jobs, or 420,000 jobs if vehicle dealerships and auto part retailers are included.
Asked about that decision, Trump said in the interview that he is not backing down on China tariffs. Trump slammed the company's move, saying it was tantamount to surrender, and threatened punitive taxes.
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I never fancied going to London. "I need my own space to get away from things and this gives me a chance to do that". His new club are struggling in the Eastern Conference but his ambition is to be successful in the MLS .
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Portugal match jumped ahead 5% in the early metrics from the June 23 battle between previous titleholders Germany v. Cavani, however, had to leave the field due to injury. "We know that France will be very tough indeed".
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