EU Warns US Imposing Car Import Taxes Could Backfire

EU Warns US Imposing Car Import Taxes Could Backfire

EU Warns US Imposing Car Import Taxes Could Backfire

On Friday, Canada's foreign minister announced that Ottawa plans to impose about $12.6 billion worth of retaliatory tariffs on USA goods on July 1.

The European Commission said the U.S. investigation into auto imports "lacks legitimacy, factual basis and violates global trade rules", according to CNN Money.

For example, the chamber said Texas could see US$3.9 billion worth of exports targeted by retaliatory tariffs; Tennessee, US$1.4 billion; and South Carolina, US$3 billion.

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

The new campaign, first detailed to Reuters, is an aggressive effort by the business lobbying giant.

By any measure of protectionism, the United States maintains one of the most open trade policies of any country in the world.

BMW, the German-based vehicle company with manufacturing operations in SC, recently wrote to the Commerce Department to warn that rising steel and aluminum prices in response to the tariffs will negatively impact its S.C. operations, potentially putting jobs at risk.

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These tariffs will immediately and drastically increase the cost of building our instruments, and have the very real potential of forcing us to lay off workers and could (in a worst case scenario) require us to move some, if not all, of our manufacturing overseas.
By disrupting supply chains, eroding business confidence and heightening uncertainty, a trade war, they say, could "push the economy toward full-blown recession" and jeopardize America's economic expansion - the second-longest on record. It's the same approach the Trump administration used before it slapped tariffs on steel and aluminum imports earlier this year.

The report assesses the immediate damage to the U.S. economy at $13 billion to $14 billion, with much larger indirect costs from retaliatory measures by the United States' trading partners.

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. The EU, which described the move as "pure protectionism", introduced duties on US products in return, as did Mexico, Canada, Turkey and India.

The European Commission said in a letter that they would hit $300 billion of USA goods with tariffs if needed.

Mr Trump tweeted on the weekend that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels". He noted that European carmakers create over half a million jobs in the U.S.

Mr Trump has threatened to impose a 20 per cent levy on cars from the EU.

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