Auto tariffs: European Union counterattack to hit USA exports worth $294 billion


In this May 21, 2018 photo, container ships are unloaded at the Port of Oakland in Oakland, California.

The agency, according to Reuters, has begun launching a campaign that pushes back against the President's trade war. He's about to find out.

The US Chamber also published an interactive map on the internet showing the impact of the trade dispute in all 50 states.

The prospect of a deepening trade war has unsettled financial markets - which were further rattled on Monday by worries about the stability of the German government and the health of the Chinese economy.

Similarly, the head of USA operations for Kitchener, Ontario-based injection molder Mitchell Plastics, said he feared tariffs would raise prices, lower demand and hurt the 800 workers at company factories in Michigan, Indiana and Alabama.

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Instead, the summit is expected to produce a modest communique, which affirms the commitment of both sides to the multilateral trading system and promises to set up a working group on modernising the WTO, EU officials said. In response, China has said it will raise import duties on $34 billion worth of American goods. It had originally proposed the tariffs in April, starting with 1,333 Chinese products. Imports had, it said, not shown a dramatic increase in recent years and largely grown alongside overall expansion of the U.S. vehicle market, with increased demand that could not be met by domestic production. China has retaliated against Trump. Iconic American motorcycle maker Harley-Davidson will move some production overseas to avoid tariffs the European Union is placing on motorcycles made in the U.S.

We're going to continue to see reactions and counter-trend reactions in the USA stock markets because the direct economic damage from the tariffs imposed on the USA appears to be relatively contained, at least for now.

Beijing's target list of US goods to penalize is heavy on agriculture.

In the meantime, Trump has told his USA trade representative, Robert Lighthizer, to identify an additional $200 billion in Chinese goods for 10 percent tariffs.

Meanwhile, President Trump said in a weekend interview that while he is open to signing a renegotiated North American Free Trade Agreement (NAFTA) with Canada and Mexico, he wouldn't do so until after midterm elections in November.

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The Trump administration has accused China of using predatory tactics in a lawless drive to overtake America's technological supremacy. "They treat us very unfairly". The Shanghai Composite index gained 0.4 percent to 2,786.89.

The Chamber of Commerce is focusing their efforts at the state level.

Trump on Wednesday said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China.

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