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 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.

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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".



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