European Union gives stark warning to USA over auto tariffs

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Asian markets tumbled on Tuesday as back-and-forth exchanges over possible higher US tariffs for the auto sector deepened concerns that a trade war is brewing.

US manufacturing expanded more than forecast last month as a gauge of supplier-delivery times shot up amid robust orders and production, data from the Institute for Supply Management showed on Monday.

Shares of Harley-Davidson ended Tuesday's shortened trading session up 0.8 percent. The rate is expected to remain unchanged at 1.5 per cent. Taiwan's benchmark fell and Southeast Asian indexes were mixed. The technology-heavy Nasdaq Composite gained 57.02 points, or 0.81 percent, to 7,097.82.

Investors walk in front of trading boards at a private stock market gallery in Kuala Lumpur, Malaysia, Tuesday, July 3, 2018.

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Some of the hardest-hit states include Texas, where $3.9 billion worth of exports including pork and whiskey are under threat from retaliatory tariffs, and Alabama, where $3.6 billion worth of exports are threatened by tariffs on US goods from China, the EU, Mexico and Canada.

"Combined with the other trade actions now being pursued by the U.S. Government-namely the 232 Steel and Aluminum tariffs and the Section 301 tariffs against Chinese imports-the threat of additional tariffs on automobile imports could be detrimental to our company", GM said. Harley Davidson announced it was moving some manufacturing overseas to avoid European Union motorcycle tariffs brought in as a response to U.S. duties on steel and aluminium imports.

German auto maker Daimler AG is the first major global corporation to issue a profit warning in response to the Trump administration's protectionist "America First" doctrine.

The new campaign, detailed first to Reuters, will provide an analysis of the financial hit each us state stands take from potential retaliation to Trump's tariffs. But he denied reports he plans to pull out of the WTO. That same state, which flipped for Trump in 2016, is also expected to lose $624 million in soybean sales after China issued sweeping tariffs in response to Trump. It won't target 284 additions, worth $16 billion, until it gathers further public comments. It calculated that a 25 percent tariff would have a negative impact of $13 to $14 billion on the US gross domestic product initially.

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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.

"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". The state has about 1.2 million jobs supported by the trades.

"The European Union past year made, if you look at a trade surplus, which I think is a very important thing, a hundred and fifty one billion dollars", emphasized Trump.

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