Motor tariffs could lead to £230bn retaliation — European Union warns Trump

Donald Trump

The European Union has also warned the United States that imposing import tariffs on cars and vehicle parts would harm its own automotive industry and likely lead to counter-measures by its trading partners on US$294bn of usa exports.

In May, Trump ordered an investigation into whether imported cars and automotive components could pose enough of a national security risk to warrant tariffs of as much as 25%.

About $75 billion of USA exports have been subjected to retaliatory tariffs since Trump's administration began imposing them, stirring concern of a potential trade war. The EU, Mexico, Canada, Turkey and India introduced duties on United States products in return.

The traditionally GOP-friendly organization, which represents more than 3 million businesses, has launched a campaign against Trump's tariffs, arguing that they have triggered a trade war that will cost U.S.jobs and will send consumer prices soaring.

"Economic analysis confirms that an increased tariff on these products will be harmful first and foremost for the United States economy", the letter said.

The group representing major foreign automakers, including Toyota, Volkswagen, BMW and Hyundai, the Association of Global Automakers said the tariffs would harm automakers and US consumers.

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Oil prices also fell after US President Donald Trump put pressure on Saudi Arabia to increase oil production. If the US starts taxing Chinese imports Friday, Beijing plans to impose 25 percent tariffs on 545 USA products worth $34 billion a year - from soybeans and lobsters to sport-utility vehicles and whiskey.

For example, the Chamber's report finds that $3.9 billion worth of exports from Texas could be targeted by retaliatory tariffs, including $1.6 billion from Mexico and $1.4 billion from China. This development harms trade, growth and jobs in the United States and overseas, weakens the bonds with friends and allies, and shifts the attention away from the shared strategic challenges that genuinely threaten the market-based Western economic model.

Motorcycle maker Harley-Davidson said earlier this week that new tariffs imposed by Europe on certain manufactured goods will cause a "tremendous cost increase" that the company will have to shoulder.

The EU has retaliated against those tariffs with measures of its own, which hit around €2.8b ($4.8b) worth of American-made products.

"There is, as a effect of the tariffs that the United States is putting in place, a wave of retaliation that's coming against American exports" from trading partners like Canada to the tune of $75 billion, Murphy said. President Donald Trump cited national security concerns for the previous tariffs. The new import tax was announced back in May as part of an effort by the Trump White House to reduce a $337 billion trade deficit with China.

In its submission, the European Union argues that trade restrictions would likely to lead to higher costs for USA -based producers, and in effect become a tax on American consumers.

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