Vehicle companies issue tariffs warnings

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union warned on Monday that up to $294 billion worth of United States exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports.

The Commerce Department is investigating tariffs on cars and vehicle parts from the European Union and other trading partners on the grounds of national security under orders from US President Donald Trump. The EU, Mexico, Canada, Turkey and India introduced duties on US products in return.

The Trump administration on Monday persisted in defending its burgeoning, multi-front trade war, with Commerce Secretary Wilbur Ross saying the world's largest economy was robust enough to face the economic blowback.

The European Commission said in a letter that they would hit $300 billion of U.S. goods with tariffs if needed. China, which has announced tariffs on $34 billion in American goods, is a critical soybean market for USA producers.

When the US Census Bureau published the latest statistics showing the discrepancy in trade between the United States and China, it didn't make for happy reading.

The EU said the U.S. motor industry is in good health, but any restrictive duties could undermine that.

The EU in its submission said that European companies make close to 2.9 million cars in the USA, supporting 120,000 jobs - or 420,000 if cars dealerships and auto parts retailers are included, according to Reuters.

On Friday, the Canadian government announced retaliatory tariffs on USA imports, including steel, aluminium and certain consumer goods worth 16.6 billion Canadian dollars, and also unveiled a 2 billion Canadian dollar aid for supporting workers in its steel, aluminium and manufacturing sectors, effective July 1.

Tennessee sends $202 million worth of auto exports to China that could be hit by tariffs, the study found. With state-by-state analysis, the business lobbying giant argues the new tariffs risk a global trade war that will harm Americans. Escalating tit-for-tat trade actions promise to raise costs on American businesses and consumers, making it harder for families to afford everyday products like toilet paper, condiments, coffee, and ballpoint pens, which have been targeted for retaliation.

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

It also underscores China's new boldness in trying to seize leadership amid divisions between the United States and its European, Canadian and Japanese allies over issues including free trade, climate change and foreign policy. It shows the depth of Chinese concern about a trade war with Washington, as Trump is set to impose tariffs on billions of dollars worth of Chinese imports on July 6.

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

The $380 million plant opened in January, days before President Donald Trump levied tariffs on imported washers and some parts.

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