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EU Warns US Imposing Car Import Taxes Could Backfire

EU Warns US Imposing Car Import Taxes Could Backfire

A detailed study by the U.S. On Friday, Canada struck back at US steel and aluminum tariffs, vowing to impose punitive measures on $12.6 billion worth of American goods until Washington relents.

Plastics parts makers also expressed worry.

The submission said that tariffs on cars and vehicle parts could undermine USA auto production by imposing higher costs on US manufacturers.

And Japanese plastics processor Toyoda Gosei Co.

Observers of worldwide politics and finance would be quite surprised if the current war of words between the United States and China does not end up in a trade war.

Auto makers have warned the Trump administration against imposing the tariffs, with both General Motors and Mazda saying the measures would cause price increases for consumers.

Despite questioning the probe's legitimacy, the European Union has requested to take part in a Commerce public hearing on July 19-20.

"We believe the resulting impact of tariffs on imported vehicles and vehicle components will ultimately harm USA economic security and weaken our national security", the group wrote, calling the tariffs a "mistake" and adding that imposing them "could very well set a unsafe precedent that other nations could use to protect their local market from foreign competition".

Tom Donohue, president of the U.S. Chamber of Commerce, is launching a new campaign to oppose Trump's trade tariff policies.

The US tycoon has also threatened to slap a 20 percent duty on European Union vehicle imports, based on highly disputed national security concerns, which could be confirmed in the coming months.

The commission said "up to $294 billion of USA exports. could be subject to countermeasures across sectors of the U.S. economy", which was equivalent to a staggering 19 percent of total United States exports in 2017.




EU officials also said around 60-percent of USA -made cars of European brands are exported into third countries, which benefits the US economy.

Mr Tusk thinks the United States president's action on tariffs, pulling out of the global climate agreement and withdrawing from the Iran nuclear deal - an agreement Europeans say is vital to their security - is part of a pattern rather than isolated incidents.

"I urge the administration to continue to support pro-growth initiatives, keep our auto market winning streak going and refrain from proceeding with this misguided attack on my company and industry", Hayes wrote.

Vehicle components such as catalytic convertors are hugely important export items for South Africa. While there is no economic threat to the United States automobile industry which is healthy, imposing restrictive measures would in fact undermine the current positive trends of the USA automobile sector. USW urged the administration to exempt Canada from tariffs, however, saying it is a strategic partner.

The European Commission said in a letter that they would hit $300 billion of U.S. goods with tariffs if needed. Trade showdown: The global trade clash is heating up this week.

"The cars are the big one", he said. A result is that USA manufacturers will have to pay more for parts and equipment, thereby putting them at a competitive disadvantage to foreign rivals. We bring in millions and millions of cars a year and we charge 2.5 percent.

The European Union has warned the United States that placing tariffs on automobiles would end up hurting the USA economy and would probably result in retaliatory measures from its trading partners.

Heinrich Hiesinger, chief executive of German steel manufacturer Thyssenkrupp, which recently announced its proposed merger with Tata Steel, told Sky News that the company "didn't like it, but could manage" a tailing off of U.S. exports and profits. By the U.S. Chamber's calculation, almost 3.2 million Texas jobs are dependent on global trade. It estimated the sector has 1,600 factories, with 61,000 employees and an economic output in 2016 of $20.8 billion.

"That standard is simply not met here, as imports of vehicles and parts from countries like Canada, which has been defined by law as part of the USA defense industrial base and which has been closely integrated with US automotive production since the U.S".

And it anxious that the stakes are higher with auto tariffs.

It's common knowledge these days that after Trump issued 25% tariffs on steel and 10% tariffs on aluminum, other countries promised to retaliate.


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