Trump touts economy in spite of ‘unfair’ trade deals

EU warns Trump's car tariffs threaten $300 billion of US exports

Orlando Vargas | 03 July, 2018, 18:55

Parked cars are pictured at the auto terminal at the port of Valencia, Spain May 29, 2018. General Motors warned last week, for example, that retaliatory duties from other countries could force it to cut jobs in the U.S. And Wisconsin-based Harley-Davidson has announced plans to shift some of its production overseas in the face of the retaliatory tariffs.

The admonishment, written in a letter to US authorities dated Friday, came as US President Donald Trump said Europe is "possibly as bad as China" on trade in one of his biggest provocations to his country's longtime transatlantic allies.

The EU warned the Commerce Department against imposing a reciprocal 25-percent tariff on European vehicle imports due to its possible negative impact to U.S. GDP growth.

"We'll spare no effort, be it at the technical or political level, to prevent this from happening", a spokesman for the Commission told reporters, adding that Commission President Jean-Claude Juncker's trip to Washington later this month would seek to stop any new USA tariffs. It calculated that a 25 percent tariff would have a negative impact of $13 to $14 billion on the US gross domestic product initially.

In a letter to United States authorities, the European Commission, which handles trade policy for the bloc's 28 members, painted a stark picture of what the United States economy would face if Trump followed through on his threat.

Krugman warns that consequences of these disputes affect the structure of world trade: "The U.S.is now behaving in ways that could all too easily lead to a breakdown of the whole trading system and a drastic, disruptive reduction in world trade".

But the 28-nation bloc seems resolute in its opposition to sanctions. If EU countermeasures on automotive tariffs take the same approach as those on steel, they will amount to around €10 billion.

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

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Meanwhile, the European Union argued that the US's comparably low auto import tariff was countered by higher rates on other vehicles, such as lorries.

The European Commission said the United States investigation into auto imports "lacks legitimacy, factual basis and violates worldwide trade rules".

Tusk thinks Trump's action on tariffs, pulling out of the global climate agreement and withdrawing from the Iran nuclear deal - an agreement the Europeans say is vital to their security - is part of a pattern rather than isolated incidents.

Tariffs our government has placed on American goods are now in effect, in response to levies the Trump administration has placed on Canadian products.

We reported on Sunday that Canada has slapped the United States with $13 billion in tariffs.

For example, almost $4 billion worth of exports from Texas could be targeted by retaliatory tariffs, the Chamber said, including $321 million in meat the state sends to Mexico each year and $494 million in grain sorghum it exports to China.

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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Trump touts economy in spite of ‘unfair’ trade deals

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