CNN: EU warns Trump's car tariffs threaten $300 billion of US exports
Nearly $300 billion of US exports could be hit by retaliatory tariffs if the Trump administration decides to penalize automobile imports from around the world, the European Union says.
The stark warning was included in the European Commission's written response to the Trump administration's investigation into imports of cars and car parts. The comments were sent to the US Department of Commerce on Friday and published on Monday.
The Commission said global retaliation against US tariffs on auto imports would have a much bigger impact on the American economy than the backlash provoked by the Trump administration's steel and aluminum tariffs this year.
It estimated that $294 billion, or around 19% of total US exports last year, could be affected.
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Update #1: The EU hits back at Trump's claim it is 'as bad as China' — reportedly threatening tariffs on $300 billion of goods (Business Insider)
Update #2: EU reportedly warns of new tariffs worth $300 billion if Trump targets automakers (CNBC)
WNU Editor: The EU is threatening to impose tariffs on 60% of U.S. exports to the EU. And like the Chinese, the European Union is not backing down or showing any willingness to compromise on opening their markets. My prediction .... the U.S. has a lot to lose, but the EU has even more to lose. I am also expecting tariffs to be imposed in the coming months.
4 comments:
The question is what is Trump's target and assuming of course that he has one it could be the US.
Stay the long road! Then negotiate for better terms, that's the plan. All opening salvos in the coming rounds of negotiations. :)
Remember the US is losing almost $500 billion/yr in assets to the EU and China.
That is not sustainable for the US and quite dangerous to the US as the Chinese are using part of their surplus to launch the biggest defense buildup in history.
The pain to do this now is much less than the pain from not doing when the US has built up trillions in deficits.
U.S. go against China,
U.S. go against EU,
U.S. go against Russia,
U.S. go against Iran,
U.S. go against North Korea,
U.S. go against Mexico...
...Any others?
When a country go against the rest of the world is that the only going to lose.
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