European Union gives stark warning to U.S. over auto tariffs

FTSE 100 down 1pc as markets sink on renewed trade fears

Toyota fears that the tariffs could lead to 2 million fewer annual auto sales in the US, which would cost American workers their jobs.

The European Union warned the Trump administration Monday that it might slap tariffs on $300 billion of US exports in retaliation for Trump's threatened tariffs on European cars.

The Commerce Department launched its investigation, on grounds of national security, on May 23 under instruction from President Donald Trump, who has repeatedly criticised the European Union over its trade surplus with the United States and for having higher import duties on cars.

The EU sent comments to the US for consideration in the Department of Commerce investigation into whether auto imports pose enough of a threat to USA national security to justify tariffs and estimating the economic impact.

"We don't think a lot of the July 6 tariffs have yet to be fully priced into the market". The EU, which described the move as "pure protectionism", introduced duties on US products in return, as did Mexico, Canada, Turkey and India.

Officials in Brussels stressed that European car-makers account for up to 26-percent of US automotive output. He noted that European carmakers create over half a million jobs in the U.S.

Mr Trump is now mulling tariffs of up to 20% on all cars and vehicle parts made in the EU. "Erecting trade barriers, like import tariffs, will ultimately invite retaliation from other nations and undermine America's leadership, exports and competitiveness overseas".

The EU retaliation came after Trump's administration on June 1 struck Europe as well as allies in Canada, Mexico and elsewhere with tariffs on aluminum and steel.

Tanker goes up in flame on Lagos-Ibadan Expressway
Images published on social media showed massive clouds of black smoke billowing into the sky from vehicles burning on the road. There were 45 cars caught in the inferno, along with five buses, two trucks, INEC tricycle and the tanker.

Chris Matthews: Mitch McConnell has 'no right' to fill Supreme Court vacancy
Abortion is likely to be one of the flash points in the nomination fight. The court legalized abortion with its decision in Roe v.

Apple iOS 12 Public Beta Version Is Accessible to Download
If that sounds appealing, and you're not scared of inherent bugs, the iOS 12 public beta program is now officially open to all. You could quickly run iOS 12 beta on your primary phone or tablet without worrying too much about bugs and stability issues.

In 2017 South Africa exported R50.3 billion of automotive components - and Germany was the top export destination for the industry.

The EU submission also reports a 25 percent tariff could have a $13-14 billion negative impact on USA gross domestic product, Reuters reported.

"The FTSE 100 was down 1.2pc at 7548 points and the Eurozone-wide Stoxx 50 fell 1.4pc after US President Donald Trump suggested on Saturday that the European Union was possibly as bad as China, only smaller", when it comes to trade.

Tusk thinks Trump's action on tariffs, pulling out of the global climate agreement and withdrawing from the Iran nuclear deal - an agreement the Europeans say is vital to their security - is part of a pattern rather than isolated incidents.

The company also warned that the cost of its cars would rise significantly due to the tariffs, which could harm consumers and its business.

Trump's threat was the latest salvo in an escalating trade war that saw the EU slap duties on US-made jeans and Harley Davidson motorcycles in a tit-for-tat response to U.S. tariffs on European steel and aluminium exports. The U.S. has higher tariffs on trucks and other products, she said.

These companies support 120,000 direct and indirect USA jobs in plants across the country, the European Union said, pointing to sites in South Carolina, Alabama, Mississippi and Tennessee - southern U.S. states known for their unwavering support for Trump.

Related News:



Most liked

Belgium vs. Japan - Football Match Report
Romelu Lukaku dummied Meunier's cross, leaving Nacer Chadli wide open at the back post to win it for his country. Belgium vs Japan Live Score FIFA World Cup 2018 Live Streaming: He doesn't speak their language.

‘Families Belong Together’ rally held in downtown Denver
The president could not hear the protesters' shouts as he spent the day in Bedminster, New Jersey at the Trump National Golf Club. Trump did not directly comment on the protests Saturday afternoon, but defended his " zero tolerance " policy in a tweet .

Newspaper Suffers Deadly Attack, Publishes the Next Day
An article by Hartley had contended that Ramos had harassed a woman on Facebook and he had pleaded guilty to criminal harassment. "Journalists, like all Americans, should be free from the fear of being violently attacked while doing their jobs".

Messi's disappointments with Argentina
I'm not like those who moan about having little teams at these competitions - for me that's what the World Cup is all about. Argentina boss Jorge Sampaoli insists he is deciding team selection and tactics, and not Lionel Messi .

Sweden routs Mexico, but both advance
Reigning champions Germany were stunned 2-0 by South Korea in Kazan, bringing a shock early end to their campaign. Mexico's Javier Hernandez strikes a shot. "Today, for the first time I tried to be maybe a purist", he said.

NBA Free Agency Rumors: Kawhi And LeBron Had A Chat
Adding that dynamic duo would give the Lakers more leverage in trade talks for Kawhi Leonard , who wants out of San Antonio . What if the Lakers then can't get any free agents next summer? Any trade for Leonard would likely require a huge haul.

Argentina vs. France World Cup live stream info, channel
Deschamps said Hernandez was fit and would remain at left-back with Benjamin Mendy unable to play due to a muscle issue. After their poor draw against World Cup debutants Iceland, Lionel Messi and Co were thrashed 3-0 by Croatia.

Republican lawmaker sees House immigration bill failing -Fox News
Another factor that would have poured cold water on support for both bills was signals from the U.S. Most of the 36-member Texas delegation voted against the bill, including all the Democrats.

Gareth Southgate says Colombia clash is England’s game of the decade
It means England go to Moscow to face Group H winners Colombia at the Spartak Stadium on Tuesday with Belgium meeting Japan in Rostov-on-Don on Monday.

Instagram now allows you to add a matching soundtrack to your Stories
Through that same sticker feature, you can now add a licensed soundtrack to your Instagram Stories post as part of a new update. Tapping on it opens a library which has thousands of soundtracks where you can either browse or search for your favourite song .

No plans to change fair play rule
Controvery asidJapan finished second in Group H via the fair play rule, having received fewer yellow cards than Senegal. After what has been an enthralling round of Group Stage matches, yesterday was a complete stinker.

India vs Ireland: How India might line up for 2nd T20
India will begin their preparation for England tour by playing two T20Is against Ireland . The live stream will be available on Sony Liv.

Ray Parlour delivers surprising assessment of Mesut Ozil at Arsenal
A last-gasp victor from Toni Kroos against Sweden in the second match appeared to have gotten Germany back on track. Germany finished bottom of Group F after a 2-0 defeat against South Korea .

Joe, Michael Jackson's father is dead
Father and son seemed to have reconciled for a time when Michael Jackson was on trial on child molestation charges. In the mid-1950s, he and his brother, Luther, formed a band called the Falcons, which broke up after a few years.

Turkey votes as Erdogan eyes second term
Erdogan now faces into a further five years in power, while his AK party and its allies secured a parliamentary majority. The victory allows Erdogan to further consolidate political power and implement the constitutional reforms.