European Union warns Trump: auto tariffs could lead to $300B retaliation

President Trump’s approach to trade has alarmed world leaders and members of the U.S. business community

President Trump’s approach to trade has alarmed world leaders and members of the U.S. business community

The chamber's three million members applauded Trump's business tax cuts in December, but the organization has distanced itself from the president since his call for new tariffs against China, Canada, Mexico, and the European Union.

Democratic voters will support Republicans because of ICE criticism Coney Barrett, Kavanaugh among candidates who met with Trump: report Trump administration recommends against allowing China Mobile access to United States market MORE touted his economic agenda on Tuesday and suggested that the USA economy could see further improvement once he is done "fixing" a series of worldwide trade agreements.

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

In a push against President Trump's move to increase taxes on imported goods, the nonprofit released a study outlining economies it deems to be the most vulnerable in the event of a trade war.

He said, "They send a Mercedes in, we can't send our cars in". She added that investors, bracing themselves for U.S-China tariffs, may turn to defensive stocks in industries like utilities, telecommunications and real estate. "So he holds a press conference - the president is barely out of there on the plane to North Korea, and he starts insulting us, he starts talking about the U.S.is insulting Canada", Kudlow said on CBS' "Face the Nation" in June.

Also on Friday, the European Union enacted tariffs Friday on more than $3 billion worth of us goods including bourbon, yachts and motorcycles.

Trump's trade policies are unpopular among US voters as well, according to a Quinnipiac University poll released Monday.

The EU has targeted $3.2 billion USA in American goods exported to the 28-member bloc, including bourbon and Harley Davidson motorcycles. "When we confront China on unfair trade practices, we need our allies, especially those in the European Union, with us, not against us".

Officials in Brussels stressed that European car-makers account for up to 26-percent of US automotive output.

The European Union has warned the United States that imposing import tariffs on cars and auto parts would likely lead to counter-measures by its trading partners, Reuters reported. Trump's 25 percent tariff on steel will hurt all American manufacturing dependent on economical steel.

Mr Trump is now mulling tariffs of up to 20% on all cars and vehicle parts made in the EU.

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

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