Pro-GOP Business Lobbying Giant Goes to War With Trump Over Tariffs


Starting on Monday, the campaign focuses on tariffs being issued by China, Canada, Mexico, and the European Union.

For example, the chamber said Texas could see US$3.9 billion worth of exports targeted by retaliatory tariffs; Tennessee, US$1.4 billion; and South Carolina, US$3 billion. "Waged haphazardly, they can produce a host of collateral damage, harming small businesses, raising consumer prices, and destabilizing sectors ranging from auto makers to hog farmers". They don't want our farm products. "They treat us very unfairly".

The Financial Times reports that the European Union has threatened to retaliate if US President Donald Trump places tariffs on European cars.

Pushing back on Trump, the Chamber based a state-by-state analysis on data from the U.S. Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

It estimated that $294 billion, or around 19% of total U.S. exports past year, could be affected. "When we confront China on unfair trade practices, we need our allies, especially those in the European Union, with us, not against us".

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Trump has said that allies such as the European Union are "as bad as China" on trade.

The group's analysis of the harm each U.S. state could suffer from retaliation by USA trading partners painted a gloomy picture that could bring pressure on the White House from Republicans ahead of congressional elections in November.

In the interview the president again complained about Canada's protected dairy industry, saying "that's not fair".

European Commission spokesman Margaritis Schinas said Monday the US investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates worldwide trade rules", just like last month's USA tariffs on steel and aluminum imports.

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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The United States is set to impose tariffs on $34 billion worth of additional goods from China on July 6.

"The economy is doing perhaps better than ever before, and that's prior to fixing some of the worst and most unfair Trade Deals ever made by any country", he tweeted.

"Chinese M&A of US firms peaked in 2016 and fell sharply a while ago", said Jeffrey Kleintop, chief global investment strategist at Charles Schwab, in an email interview with Investopedia.

The president announced 25 percent import tariffs on hundreds of Chinese products to pressure the country to alter its practices.

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