European Union delivers stark warning to United States over auto tariffs

Trade worries extend equities' slide into new quarter

Whle tariffs could jeopardize $47 million in exports to China, the U.S. Chamber said, Pascrell said China's unfair practices have cost millions of American jobs.

European Union officials are claiming President Trump's new tariffs on auto imports could cost the us economy up to $14 billion.

With state-by-state analysis, the business lobbying giant argues the new tariffs risk a global trade war that will harm Americans.

The EU sent comments to the US for consideration in the Department of Commerce investigation into whether auto imports pose enough of a threat to USA national security to justify tariffs and estimating the economic impact.

Several states that voted for Donald Trump in the presidential election are likely to be among the hardest hit in the trade war the president has triggered, according to the nation's largest business organization.

The administration is poised to slap tariffs on tens of billions of dollars in Chinese products on Friday and has threatened duties on as much as $450 billion in goods from China, prompting threats of retaliatory measures from Beijing.

"European cars do not threaten or impair the health of the US industry and economy", Schinas said.

The EU leaders agreed "in substance" on Thursday (28 June) on a set of proposals to improve the World Trade Organisation, which should pave the way for finding common ground with US President Donald Trump and de-escalating the ongoing trade dispute. 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.

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The EU said the USA auto industry is in good health, but any restrictive duties could undermine that trend.

The commission said "up to $294 billion of United States exports. could be subject to countermeasures across sectors of the U.S. economy", which was equivalent to a staggering 19 percent of total USA exports in 2017.

The European Commission, the EU executive that handles trade for the bloc, said on Monday it was trying to convince its USA counterparts that imposing such tariffs would be a mistake.

With some of America's tightest trading partners imposing retaliatory measures, Mr Trump's approach to tariffs has unsettled financial markets and strained relations between the White House and the chamber.

European auto manufacturers in the United States export 60% of their cars, which helps the USA trade balance - a number Trump has been focused on.

WALL STREET: Major U.S. benchmarks closed higher Monday, buoyed by a last-minute rally from technology companies. The tariff which will apply to parts imported from China - circuit boards and "associated components" eg pretty much all of the electrical components many manufacturers in the U.S. use to source their parts will come into force on July 6th, as part of a wider set of tariffs including those from the EU.

Despite questioning the probe's legitimacy, the European Union has requested to take part in a Commerce public hearing on July 19-20.

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