Trump on trade: European Union 'possibly as bad as China'

Trump European Union is 'possibly as bad' as China on trade

Those tariffs kicked in on Sunday.

The Chamber of Commerce's campaign website, thewrongapproach.com, tracks the impact of retaliatory tariffs on USA exports from each state. Those tariffs are due to take effect July 6. When he announced the tariffs last month, President Donald Trump said they would prevent "further unfair transfers of American technology and intellectual property to China, which will protect American jobs". "Tariffs are simply taxes that raise prices for everyone".

Economists at Bank of America Merrill Lynch have warned that a full-fledged trade war, especially one that lasts more than a year, would slow the USA economy.

SC is among the hardest hit states, according to the analysis, though Washington stands to lose the most, with $6.2 billion of state exports threatened; $3.7 billion of that is soybean exports to China.

The EU's retaliatory action came after the Trump's administration hit Europe, Canada and Mexico with tariffs on aluminum and steel on June 1. Louisiana, Texas, Illinois, Alabama, Ohio, South Carolina, Michigan and Pennsylvania will all take major hits thanks to the trade policy of the man those states sent to the White House. All six states went to Trump in the 2016 presidential election.

"I don't think trade wars are good for anybody", said Tom Bracken, president of the New Jersey Chamber of Commerce.

European Union trade commissioner Cecilia Malmstrom said that while the European Union does have higher tariffs on cars than the U.S. - around 10% versus 2% - the tariffs only apply to a fraction of the market, around 15%. "It's time to reverse course and adopt smarter, more effective approaches for addressing trade concerns with commercial partners". Canada has retaliated against Trump.

Trump, he says, is essentially having a "temper tantrum" as he's demanding concessions from countries they can't make - because he's invented problems that don't exist. "I want to make it more fair, OK?" "It's going to be very interesting".

A tax increase! Them's fighting words! You know, the cars are the big one. The early selling was expected because any talk of increased production like we saw over the week-end tends to drive prices lower.

The largest USA trade association for the auto components industry, the Motor & Equipment Manufacturers Association, said tariffs or other restrictions would mean job losses among the 871,000 auto parts industry workers and would damage US competitiveness. European Union - take a look at the auto situation. Look what they do to our farmers. "If they do that final assembly, the last screw operation in the United States, they actually get really, really strong intellectual property protection because it's all done in the United States and never leaves the shore".

Related news: