Saturday, 17 November, 2018

European Union gives stark warning to USA over auto tariffs

US india trade war European Union gives stark warning to USA over auto tariffs
Russell Knight | 03 July, 2018, 12:13

"Based on the Tariffs and Trade Barriers long placed on the US and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US", Trump tweeted back in June.

Trump's 25 percent tariff on steel will hurt all American manufacturing dependent on economical steel. "They treat us very unfairly".

The submission said European vehicle companies are "well established" in the United States.

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 USA products.

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

Trump's comments came in response to an 11-page European Union letter sent to the commerce department on Friday threatening that the global community would impose tariffs on up to $290bn of U.S. products if Trump moves forward with tariffs on foreign autos, according to the Financial Times.

The comparison is particularly painful to Europeans, which are attempting to forge common ground with the Trump administration on the idea that the real danger to fair trade is China.

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Last week, European Council President Donald Tusk warned that Trump's policies are harming trans-Atlantic relations and that "we must be ready to prepare our Union for worst-case scenarios".

The EU has imposed retaliatory tariffs on goods worth €2.8 billion ($3.27 billion), primarily on US-built motorcycles.

The new campaign, detailed first to Reuters, will provide an analysis of the financial hit each usa state stands take from potential retaliation to Trump's tariffs.

Assuming counter-measures along the lines of those taken in response to existing USA import tariffs on steel and aluminium, up to US$294 billion of United States exports - 19% of overall U.S. exports - could be affected, the submission said.

But in a submission sent to the US Department of Commerce, the European Union said that such an increase would be to the detriment of the US's own interests.

For example, the Chamber said Texas could see $3.9 billion worth of exports targeted by retaliatory tariffs; Tennessee, $1.4 billion; and SC, $3 billion. Harley Davidson announced it was moving some manufacturing overseas to avoid European Union motorcycle tariffs brought in as a response to United States duties on steel and aluminium imports.

"No, no, no, no", he said, noting that more tariffs could be imposed if there is no deal with China.

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