China presses Europe for anti-US alliance on trade

04 July, 2018, 01:39 | Author: Kathy Ellis
  • Trade worries extend equities' slide into new quarter

The Commerce Department is investigating tariffs on cars and auto parts from the European Union and other trading partners on the grounds of national security under orders from US President Donald Trump.

The US has imposed tariffs on European steel and aluminium imports and is conducting another national security study that could lead to tariffs on autos and auto parts.

A report from Oxford Economics warned that tariff threats, if realized, would hit over 4 percent of world imports - a more than tenfold rise versus the 0.3 percent of imports hit by the new tariffs imposed so far.

Trump has sparked a global trade conflict by placing or threatening punitive tariffs on hundreds of billions of dollars' worth of goods from China, Mexico, Canada, and the European Union.

SC is not the only state expected to suffer, Iowa pork producers could lose $560 million from a Mexico tariff on the product. Mexico is adding duties to pork imports. Traders are reacting to retaliatory events and the imposition of fresh tariffs at the end of the week. "We should seek free and fair trade, but this is just not the way to do it". Specifically, Texas could see $3.9 billion worth of exports targeted, Tennessee could see $1.4 billion targeted, and SC could see $3 billion targeted.

Trump has previously been persuaded to back off of trade threats with the argument that states that backed him in the 2016 presidential campaign will be hit hard.

On Wall Street, shares turned positive in late afternoon trading as investors weighed trade concerns against Commerce Department data that showed US construction spending increased more than expected in May.

Nick Jonas and Priyanka Chopra's PDA-filled trip to India
Worldwide media has been reporting that the "pair" is now visiting Priyanka's mother, as the actress wanted Jonas to meet her. Before the engagement day, Ambanis are doing enjoying the other functions like mehndi ceremony and pre-engagement party .

Schinas said European vehicle makers create over half a million jobs in the U.S.

The Chamber opposes the Trump administration's tariff policy, estimating the impact of the tariffs on each state with an interactive map on TheWrongApproach.com.

The European Union and Canada have also threatened to impose tariffs on billions of dollars worth of U.S. products.

Trump initially granted Canada, EU members and other nations exemptions on the metal tariffs - 25% on steel and 10% on aluminum.

The Trump administration has made aggressive use of tariffs to address what it sees as trade imbalances with other countries.

Its ironic that the protectionist concept of trade tariffs will essentially threaten jobs in the United States, as usual in any conflict, trade or otherwise, there is always "collateral damage".

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

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