US Economy Could Lose $14B Over Auto Import Tariffs

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US Economy Could Lose $14B Over Auto Import Tariffs

"No one has asked for protection under our laws protecting against fairly traded imports, for the simple reason that our industry is thriving".

The EU has threatened the USA with countermeasures worth $294 billion if the Trump administration imposes further tariffs on European cars as a result of the ongoing investigation into whether they pose a possible threat to national security.

USA auto manufacturing giants are under pressure on Monday and shares are reversing as they club together to call on President Trump not to impose tariffs on their products.

ANZ economists said they will be looking out for comments from the central bank on demand for loans domestically and rising global risks.

"Just think about those cars that pour in here, and we'll do something, right?"

The European Union says that for some goods, such as trucks, United States import duties are higher.

U.S-CHINA TARIFFS: The U.S.is set to impose a 25 percent tariff on up to $50 billion of Chinese products starting this Friday.

Starting Friday, the US will tax 818 Chinese products, worth $34 billion a year, from the original list.

The bloc warned Washington on Friday that a threat to further slap Europe with major auto tariffs could inflict major damage to the USA economy and would prompt retaliation.

The analysis, found at www.thewrongapproach.com, includes a state-by-state breakdown of products targeted for retaliation by China, the EU, Mexico, and Canada, as well as how much those retaliatory tariffs could cost each state.

While British factories kept up a steady pace of growth, fears of a full-blown global trade war and worries about stalled negotiations with Brussels on leaving the European Union knocked a gauge of confidence about the outlook down to a seven-month low. China is considering a follow-up tariff on an additional 114 USA goods, worth $16 billion a year. It would break global law and "further damage the reputation of the United States", it said. There are also fears that a trade standoff between China and the United States could harm manufacturers who rely on the world's two largest economies for growth. Experts have warned that an all-out trade war could kill hundreds of thousands of American jobs while increasing the prices consumers pay for goods across the board. The Peterson Institute for International Economics calculates that 85 percent of the Chinese products to be hit by the initial Trump tariffs are machinery and components used in finished goods made in the United States.

Trump went on to say "we also love the European Union" and point out that his parents were born within the area now encompassed by the European Union, before those countries were a part of the European Union.

On Sunday, the Financial Times wrote: "Donald Trump's threat to hit vehicle imports with punitive tariffs risks sparking global retaliation against as much as $300 billion of US products, Brussels has warned". The Trump administration suspended its tariffs after Beijing agreed to increase its purchases of US goods, especially in agriculture and energy. "I love those countries", said Trump, naming Germany and Scotland.

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