Auto tariffs could lead to $300B retaliation — European Union warns Trump

Auto tariffs could lead to $300B retaliation — European Union warns Trump

The EU has targeted US$3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidson motorcycles.

The commission also underlined that European vehicle companies were important contributors to the USA economy and "well established" there.

The EU warned in a 10-page submission to the US Commerce Department that imposing import tariffs on cars and auto parts would harm the US automotive industry and may lead to retaliatory tariffs on $US294 billion ($401 billion) worth of US exports, almost one-fifth of US exports.

But what may temper the blow from punishing tariffs could be a move by the White House to enable Chinese telecom company ZTE Corporation (ZTCOF) to purchase USA tech equipment again as well as Trump's less strict decision when it comes to investments by Chinese companies in US technology companies.

European Commission spokesman Margaritis Schinas said Monday the USA investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates global trade rules", just like last month's US tariffs on steel and aluminum imports.

Stocks on Wall Street were volatile as investors anxious about the mounting trade war between the U.S. and its trading partners.

General Motors also warned that proposed tariffs on foreign cars and parts could result in fewer cars being built on USA soil.

"We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said.

Michigan's auto industry, steel products and aluminum products are the hardest hit by tariffs.

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

Those measures have drawn retaliatory tariffs on billions of dollars of U.S. exports from major trading partners including China, the European Union, Canada and Mexico.

General Motors (GM) has taken a similar position as the European Commission.On Friday it warned Trump that his tariffs could force it to cut jobs and raise the price of cars, perhaps by thousands of dollars.

Warner warned if the US were to hit Canada with auto tariffs, it would be "a real kick in the gut" to the country's economy. China is expected to strike back with tariffs on a similar amount of USA exports.

So if you support Moog and their plight, remember this will affect most U.S. based synth manufacturers - please do what you can. "They treat us very unfairly".

Such a war could cost jobs, Bracken said.

"I will tell you, China wants to make a deal and so do I, but it's got to be a fair deal for this country", he said.

In the meantime, China has promised that the second wave of tariffs are on the way while Donald Trump has promised to increase his efforts against automobile manufacturers who he believes are taking advantage of the North American Free Trade Agreement. The idea was that China's additional purchases would shrink its trade surplus with the United States.

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