Sunday, 18 November, 2018

European Union warns USA of boomerang effect if Trump imposes vehicle levies

Seeing red Seeing red
Orlando Vargas | 02 July, 2018, 22:10

President Donald Trump cited national security concerns for the previous tariffs. It's around the same as the value of USA imports of foreign cars and parts.

The EU sent comments to the US on whether auto imports pose enough of a threat to USA national security to justify tariffs and estimating the economic impact.

The European Union has 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$294 billion of U.S. exports.

The impact of retaliatory measures by Washington's trading partners could total around $294 billion - or around 19 per cent of total USA exports in 2017, the European Union estimates.

BMW is a net exporter of vehicles from the U.S., arguing that means it is already helping reduce the American trade deficit Trump is anxious to cut down.

In a 10-page submission to the United States Commerce Department sent last Friday, the European Union said tariffs on cars and auto parts were unjustifiable and did not make economic sense. Additionally, the German manufacturer said that there is no correlation between US national security and the domestic manufacture of automobiles.

Moog has run operations in the U.S. for over sixty years and employs around 100 people.Half of the components they use to make the boards come from China, and the 25% import tax will make manufacturing Moog synthesizers considerably more expensive.

Dog attacked by rattlesnake on hike
He came to the saviour of his owner Paula Godwin after she was confronted by a serpent while hiking in Anthem, Arizona, on Friday. Godwin also posted pictures which apparently show the dog after the bite, with his face swelled up. "This is Todd.


Merkel coalition crisis: Seehofer offers to quit over migration
Two of the countries mentioned - Hungary and the Czech Republic - however denied Saturday that any such deal had been reached. He said that "there is an abundance of possibilities ... for compromises ", but didn't specify what they were.


North Korea continues to work on a secret nuclear facilities
The article credited President Donald Trump for a recent measure that has halted plans for a joint U.S. The White House did not respond to a request for comment.


The bloc exported 37.4 billion euros ($43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

The EU's retaliatory action came after the Trump's administration hit Europe, Canada and Mexico with tariffs on aluminum and steel on June 1.

Similarly, Hyundai provided a similar forecast of how the tariffs will hurt the auto industry, saying that they will be "devastating".

Trump recently turned his attention to the automotive sector, focusing on European manufacturers.

Trump's views on tariffs have been a sore subject, even among fellow Republicans who have criticized Trump's imposition of steep tariffs against USA allies.

In this context, Trump presumably alluded to his belief that European carmakers are taking away business from American manufacturers.

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