EU 'possibly as bad as China' on trade

Donald Trump

Donald Trump

The European Union is slamming the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in us goods.

Most of the exports that would be affected - $711 million worth - go to Canada, and include herbicides as well as orange juice, which is brought to Port Newark from Brazil, mixed with sweeter domestic juice, and then shipped out. He has also stepped up attacks on the European Union via Twitter and at his public rallies.

That comment seemed to refer less to the US mid-term elections and more to Mexico's vote on Sunday that elected Andres Manuel Lopez Obrador as the country's first leftist leader in decades.

"The administration is threatening to undermine the economic progress it worked so hard to achieve", said the chamber's president Tom Donohue in a statement to Reuters. "The concerns are the impact on our economy, the reputation we have around the world and the ripple effect of having a war".

"So I think it's predictable that Trump would react". Their shipments will now be subject to a 25 percent tariff, which will instantly make their crops far costlier in China.

"There's definitely a fear of that", he said. After all, even if Trump is tough on M&A, it may not be that big of a deal to Chinese companies anyway.

President Donald Trump has boldly declared that trade wars are easy to win.

"No, no, no, no", he said, noting that more tariffs could be imposed if there is no deal with China. "He'd be happy to get rid of all tariffs and all barriers".

In its submission, the European Union said EU companies make close to 2.9 million cars in the United States, supporting 120,000 jobs - or 420,000 if cars dealerships and vehicle parts retailers are included. Trump's 25 percent tariff on steel will hurt all American manufacturing dependent on economical steel.

But what may temper the blow from punishing tariffs could be a move by the White House to enable Chinese telecom company ZTE Corporation (ZTCOF) to purchase USA tech equipment again as well as Trump's less strict decision when it comes to investments by Chinese companies in US technology companies.

"The European Union is possibly as bad as China, only smaller", Trump said on Fox News' "Sunday Morning Futures" program.

Rep. Bill Pascrell Jr., D-9th Dist., said the voters have it right. All three of those states were pivotal in Trump's 2016 election win.

"Look what they do to our farmers", Trump urged.

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.

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