Saturday, 17 November, 2018

Trump threatens tariff on all European cars

US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images US President Donald Trump speaks with the press | Mandel Ngan AFP via Getty Images
Lindsey Cook | 22 June, 2018, 18:55

The tweet came as Europe imposed tariffs on goods worth 2.8 billion euros ($3.2 billion) - including Harley Davidson motorcycles and Levi's jeans - which are themselves a targeted response to Trump's earlier decision to impose steel and aluminum tariffs on European exports to the United States.

A trade war is brewing between the world superpowers, U.S. and China and this could have dire economic consequences, not just for the two countries but globally too.

Malmström added that if the USA removes its tariffs, the European taxes would also be lifted. Increased tax burden on goods from imposed duties is also carried by the end user.

She called the European Union response proportionate and in line with World Trade Organization rules and said that they would be removed if Washington removed its metal tariffs.

"The rules of global trade, which we have developed. with our American partners, can not be violated without a reaction from our side", Commissioner for Trade Cecilia Malmström said.

"The unilateral and unjustified decision of the U.S.to impose steel and aluminum tariffs on the European Union means that we are left with no other choice", she said.

"We oppose the act of extreme pressure and blackmail by swinging the big stick of trade protectionism", a China's Commerce Ministry spokesman said Thursday.

Those personally in the line of fire are among the most concerned.

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The European Union will start imposing duties on a list of US products as of Friday in response to President Donald Trump's decision to slap tariffs on steel and aluminium imports from Europe.

The trade war risks significantly raising prices for consumers.

The US and European Union have imposed mutual tariffs.

Trump ran for the presidency on a vow to topple seven decades of American policy that had favored ever-freer trade among nations.

And he is threatening to impose another national security-based tariff on imports of cars, trucks and auto parts.

The U.S.is also locked in a tariff showdown with China, after President Trump said he would use the import taxes to try to shift the balance of trade between the world's top two economies.

The U.S. tariffs hit some $7.5 billion of European products; the EU says that today's measures target almost half that figure, and that it plans to impose a slightly larger block of tariffs later - either in three years, or if/when the WTO rules in its favor. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of USA factory jobs.

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