Anti-US tariffs take effect in EU

China and US trade talks

Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, such as Harley-Davidson motorcycles and bourbon, to "make noise" and put pressure on United States leaders. According to the Peterson Institute for International Economics, a 25% tariff on imported autos to the U.S. would result in the loss of 195,000 United States auto workers' jobs.

The European Union has begun taxing the import of motorcycles from the United States into Europe, in retaliation to the USA government's increased tariffs on aluminium and steel.

Late last month, he infuriated USA allies, from the European Union to Canada and Mexico, by imposing tariffs of 25% on imported steel and 10% on aluminium.

Germany is the largest European manufacturer of automobiles, though German companies have a huge presence in the United States, with large factories in SC and Tennessee.

"Build them here!" he declared.

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The US president's tweet dragged down stocks of European automakers BMW, Volkswagen, Fiat Chrysler and Mercedes. Shares of US automakers Ford Motor Co (F.N) and General Motors Co (GM.N) fell immediately after Trump's tweet but rebounded and closed higher.

The U.S. Chamber of Commerce said U.S. auto production had doubled over the past decade, and said tariffs "would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war".

Commerce Secretary Wilbur Ross, whose department is overseeing the investigation, told a Senate committee meeting this week that no decision had been made as yet as to whether to recommend tariffs, He indicated that the probe was expected to be completed by early August. The US exported $10 billion worth of passenger vehicles to the European Union past year.

Major automakers and at least two dozen auto suppliers are gearing up to file written comments sharply opposing the tariffs before a June 29 deadline.

The EU's tariffs are not the first retaliation in the escalating global trade war started by the Trump administration: Mexico and China have already launched retaliatory tariffs of their own, while Canada and Japan are soon likely to follow suit. A few days back, the U.S. has announced hike in import duties on imports worth US$50 million coming from China. Pursuant to the Wall Street Journal, "Our businesses will lose customers, workers will lose jobs, and American consumers will lose family income through higher taxes and higher prices".

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Izunacho said already China floods Nigeria with Chinese goods and its trade war with USA will likely further worsen the situation.

A deeper analysis shows that Trump's economics will neither benefit the USA consumer nor the rest of the world. She had earlier sought to dispel anxieties that the situation would become a trade war. Nevertheless, the Tweet spooked European automakers, particularly those in Germany.

Most economists say the effect of higher worldwide import tariffs will drive up costs for consumers, offsetting much of the benefit of protecting domestic industries for the country imposing them. "Automakers support reducing trade barriers across the board". The anguish decision of Trump and obsolete policies primitive to trade war, leave G7 allies to associate Russian Federation in the G7 summit formulating "G8" to negotiate at the table, which left some leaders to warm against horrific idea.

Why is the United States imposing tariffs? He is also targeting European Union auto imports with a U.S. probe now underway. He reportedly told French President Emmanuel Macron he wanted to halt Mercedes-Benz models from driving down Fifth Avenue in New York City. The White House Office of Management and Budget expects tariffs to fetch $40.4 billion this year.

The tariff proposal has drawn sharp condemnation from Republican lawmakers and business groups.

What you need to know about Trump's new trade threat
That means consumers would have to pay more for a wide range of goods, economists say. The tit-for-tat moves could start to meaningfully slow USA growth, economists warn.

"You're already going to see prices going up incrementally as a result of the steel and aluminum tariffs in the auto sector", said Lusk, whose group represents foreign-branded auto dealers in the US.

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