Markets

Trump’s automotive tariffs could cost the United States $294 billion

Trump’s automotive tariffs could cost the United States $294 billion

Trump has criticized the European Union for having higher import taxes on cars and for its trade surplus with the United States, this includes a 10 percent tax on cars entering the EU compared with a 2.5 percent tax for cars entering the U.S.

The tariffs have prompted retaliation against USA products and drawn concern over the potential impact on American consumers.

Last month, the European Union imposed tariffs on American goods worth United States dollars 3 billion such as yachts, bourbon and motorcycles.

Connecticut, with $134 million in exports potentially subject to tariffs - from millions in scrap metal to $4,595 in sleeping bags - is second only to MA among the six New England states.

BMW said it has invested almost $9 billion in the SC plant and as a result, adds more than $6 billion to the state's economy each year.

Texas, for example, could see almost $4 billion worth of exports targeted by retaliatory tariffs.

On Sunday, Trump said the European Union was "as bad" as China when it came to the way European countries traded with the US.

Vice Premier Liu He has said privately that China is ready to set out for the first time what sectors it can open to European investment at the annual summit, expected to be attended by President Xi Jinping, China's Premier Li Keqiang and top EU officials.

On Friday, Canada said it plans to issue tariffs on $12.6 billion in USA exports. This weekend, Ottawa imposed tariffs on U.S. goods worth around $12.6 billion.




Trump is also considering a 20 percent tax on imported cars in the name of national security, and has tariffs on $200 billion in Chinese goods.

"General Motors and Toyota were unusually vocal about the impact on the threatened tariffs", Michelle Krebs, executive analyst for AutoTrader in Detroit, said.

Using a state-by-state analysis, it argues that Trump is risking a global trade war that will hit the wallets of USA consumers.

Asked at a briefing about the Chamber's report, White House spokeswoman Sarah Sanders told reporters: "The president is focused on helping protect American workers and American industries and create a fair playing field".

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 number of exports that could be hit by retaliatory tariffs among the 10 most vulnerable states ranges from $1.7 billion in Pennsylvania to $6.2 billion in Washington.

Warner warned if the USA were to hit Canada with auto tariffs, it would be "a real kick in the gut" to the country's economy.

The commission also pointed out that European vehicle companies employ 120,000 Americans in manufacturing plants in the United States. And for us to initiate a trade war against them is not good for American companies that depend on exports.


  • Andheri Bridge Collapse: Fast trains finally start operating on Western Line

    Andheri Bridge Collapse: Fast trains finally start operating on Western Line

    As per reports, Mumbai is receiving heavy rains from last night and residents are facing difficulties to deal with daily tasks. Dabbawalas also reportedly have a six-sigma accuracy level, which basically suggests one mistake every 16 million deliveries.
    Jordan Henderson Headbutted In The Penalty Area Vs Colombia, No Red Card

    Jordan Henderson Headbutted In The Penalty Area Vs Colombia, No Red Card

    We expect Colombia to dictate play for at least half the game, with England content to launch repeated and rapid counter-attacks. England defender Harry Maguire called on the match referee to investigate the incident further using VAR.
    Three New Sexual Assault Claims Against Kevin Spacey Revealed

    Three New Sexual Assault Claims Against Kevin Spacey Revealed

    Actor Guy Pearce just implied that Kevin Spacey groped him in 1997 when the two worked together on the set of "L.A. Spacey was one of the first stars to be accused of sexual misconduct in the wake of the Harvey Weinstein scandal .
  • Here's how they'll get out

    Here's how they'll get out

    Experts have started planning in detail how to extract the group from the place they were found more than a 1.6km underground. That could take months , however, given that Thailand's rainy season typically lasts through October.
    Andy Murray Won't Play Wimbledon

    Andy Murray Won't Play Wimbledon

    But all of his time away meant the former No. 1-ranked Murray has fallen out of the top 150 and he was not seeded at Wimbledon . Murray has only played three competitive matches since he took time off from the game to recover from hip problems.
    India vs England: Team India gears up for 1st T20I

    India vs England: Team India gears up for 1st T20I

    It exposes our players to the biggest competition in the world. "We're certainly going to be a lot more flexible". That's why those results followed after (in the ODI and the T20I series, both of which India won comfortably).
  • Is North Korea Balking at Denuclearization?

    Is North Korea Balking at Denuclearization?

    In August 2017, Trump promised "fire and fury like the world has never seen" if North Korea continued to threaten the USA. Pompeo's visit comes days after the first in-person meeting between the US and North Korea over the weekend.
    Leftist Lopez Obrador Wins Mexico Presidential Election: Exit Polls

    Leftist Lopez Obrador Wins Mexico Presidential Election: Exit Polls

    Much remains to be determined about how Lopez Obrador's often nebulous campaign proposals will manifest themselves in government. She said a Lopez Obrador presidency is a good way to kick the ruling Institutional Revolutionary Party , or PRI, out of power.
    Epic Relaunches Fortnite’s Playground LTM

    Epic Relaunches Fortnite’s Playground LTM

    Give a Smasher a whiff of the Stink Bomb, available now in Save the World . Thankfully, nearly a week later, the mode is now back up and running.
  • Retaliatory tariffs now in effect

    Retaliatory tariffs now in effect

    Our neighbours down south visiting Canada's biggest tourist attraction say this trade war is hurting both countries. Canada slapped the USA with tariffs on over $12 billion worth of goods Sunday as the country celebrates Canada Day.
    Trump To Get Played By Putin?

    Trump To Get Played By Putin?

    Putin is known as a shrewd negotiator who some officials worry could exploit such a session and extract concessions from Trump. Bolton himself said that he believed " the intelligence " he'd seen, that Russian Federation tried to affect the election.
    Nita Ambani steals the show with her performance at Akash-Shloka's engagement

    Nita Ambani steals the show with her performance at Akash-Shloka's engagement

    For the royal couple's engagement , who's who from the cricket, Bollywood and business fraternity have arrived at the venue. In the viral video, Shloka also has seen touching her sister-in-law Isha Ambani's feet.