Largest U.S. business group attacks Trump on tariffs

03 July, 2018, 06:53 | Author: Mary Valdez
  • The European Union Mexico and Canada have all the hit U.S. with billions in retaliatory tariffs

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".

Those measures have drawn retaliatory tariffs on billions of dollars of United States exports from major trading partners including China, the European Union, Canada and Mexico.

The European Union has threatened to retaliate against US President Donald Trump in the escalating trade conflict developing across the Atlantic.

The EU warned the Commerce Department against imposing a reciprocal 25-percent tariff on European vehicle imports due to its possible negative impact to U.S. GDP growth.

President Donald Trump cited national security concerns for the previous tariffs.

"We have been in trade deficits with almost every country across the globe for years, and the president wants to ensure that that doesn't continue", Sanders said.

Canada isn't the only one pushing back against Trump's tariffs.

The EU letter said, "In 2017, US -based EU companies, produced close to 2.9 million automobiles, which accounted for 26 percent of total USA production".

The letter also said any auto tariffs would "damage further the reputation" of the USA, according to the FT. Meanwhile, the U.S.is set to impose a 25 per cent tariff on up to $50 billion of Chinese products starting this Friday. It exports $494 million in grain sorghum to China.

FIBA to discipline brawling Australia, Philippines players
Both players were ejected along with 11 other players. "The decisions will be communicated in the coming days", FIBA tweeted. At one point, Boomer Thon Maker tried to high-kick a Philippines player, while Nathan Sobey was on the wrong end of a chair.

Top former Indian cricketer Ajay Jadeja gives globe a glimpse of Kilkenny
The Indian team management made a decision to give a chance to all players in the T20I series against Ireland. Morgan said England would do more of the same as they want to be flexible leading into the World T20 in 2020.

Suspect in Maryland newspaper shooting to appear on 5 murder charges
Police said Ramos was armed with a shotgun and carried smoke grenades when he went to the newspaper's offices in Annapolis . A judge dismissed the suit, telling Ramos that he hadn't shown "anything that was published about you is, in fact, false".

Follow GM's stock price in real-time here.

Mr Trump tweeted on the weekend that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels".

The group's analysis of the harm each US 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.

Roughly 2,500 public comments had been received by the Commerce Department ahead of the Friday deadline, the agency said in an email to Business Insider, those comments will help the agency make an "informed recommendation" to the President regarding new tariffs.

The Institute for Supply Management survey rose from 58.7 to 60.2, just below the fourteen-year high seen in February, thanks to higher production and increased delivery times from suppliers although new orders and employment edged lower. "At some point, this tariff impact will be felt by customers".

Factory activity in the eurozone came in slightly less than expected at 54.9 over the second quarter.

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

Coming up today, the Reserve Bank is expected to keep official interest rates on hold for yet another month with the post-meeting statement to be carefully scrutinised. "We knew that agriculture was going to be targeted for retaliation".

Recommended:



Popular

Durant staying in the bay
Ariza isn't as sexy a name as LeBron or George, and as such, this move won't be talked about that much during the next few days. Not only do they get to keep the 2017 and 2018 NBA Finals MVP, but they also get some financial flexibility in the deal.

Crews scramble to protect homes from fierce California wildfire
Mandatory evacuations are in place for the Double Eagle subdivision as the Pawnee Fire threatens about 50 structures in the area. Shifting winds have created numerous active portions of the fire that have the potential to increase fire spread.

FBI Thwarts JULY 4th Bomb Plot in Cleveland — TERROR ATTACK FOILED
According to Anthony, Pitts spoke about attacking public events with bombs and also cutting off hands and heads. When reminded that people would die in a bombing, Pitts said, "I don't care", the affidavit said.

Cavs Open To Trading Kevin Love After LeBron James Joins Lakers
Without both James and Love, the 2018-19 season would likely be dramatically different than the previous four seasons. The LeBron James-less Cavs roster is, probably one of the two or three worst in the Eastern Conference.

'3rd Splash Brother': DeMarcus Cousins joins Golden State Warriors
The Pelicans made it to the playoffs without him, but lost in the first round...to the Warriors. Lakers president Magic Johnson has a hard decision to make in trading for Kawhi Leonard .

Tesla made 5,031 Model 3s in a week
Musk being Musk, he says Tesla will be able to build on the pace and get up to 6,000 Model 3s a week by the end of "next month". Tesla has struggled to meet its self-imposed goal of producing 5,000 of the vehicles per week since the beginning of the year.

Black Boy Mowing Grass Gets More Business After Neighbors Call Cops
As Reggie and his troupe were finishing up her yard, a Maple Heights Police SUV rolled up in front of Holt-Colden's house. Reggie is just the latest person to have the cops called on them for seemingly minor "crimes", or for no crime at all.

EU warns U.S. of major hit if car tariffs imposed
In May, the USA government launched an investigation into imports of automobiles, including SUVs, light trucks and auto parts. The U.S. has also faced hit back from the European Union.

Lance Stephenson follows LeBron James to the Lakers
The Associated Press reports that this is James' third time in eight years that he has changed teams . But having James committed for the foreseeable future gives the Lakers reason to play the long game.

Sen. Collins: No Roe v Wade opponent for high court
But the eventual nominee already faces a hurdle: Republicans hold a slim 51-49 majority in the Senate , and Sen. With McCain possibly not able to vote, Trump would need the support of Democrats to win confirmation.