European Union warns Donald Trump he risks $294bn trade tariff reprisals

  • European Union warns Donald Trump he risks $294bn trade tariff reprisals

European Union warns Donald Trump he risks $294bn trade tariff reprisals

"No one has asked for protection under our laws protecting against fairly traded imports, for the simple reason that our industry is thriving".

She said the European Union can not lift its vehicle tariffs for the United States or it would have to do so for the rest of the world, and "there's no way" European Union member countries would agree to that.

The chamber's three million members applauded Trump's business tax cuts in December, but the organization has distanced itself from the president since his call for new tariffs against China, Canada, Mexico, and the European Union.

The White House has already imposed tariffs on European Union steel and aluminium and faced reprisals in the form of extra charges on a range of goods, including US-made motorcycles, jeans and even playing cards.

The EU sent comments to the US on whether auto imports pose enough of a threat to USA national security to justify tariffs and estimating the economic impact.

"They send a Mercedes in, we can't send our cars in". Trump slammed the company's move, saying it was tantamount to surrender, and threatened punitive taxes.

Schinas said European carmakers create over half a million jobs in the U.S. That figure would account for 19 percent of US goods sold in the European Union in 2017.

The prospect of a deepening trade war has unsettled financial markets - which were further rattled on Monday by worries about the stability of the German government and the health of the Chinese economy. The major averages slid, however, unable to sustain an advance as trade tensions rose. China has also responded by taxing imports from the US.

Brent crude prices slid on more supply from Saudi Arabia and Russian Federation and that pulled down energy stocks.

BMW warned that future investment in the USA could be impacted, which would result in fewer jobs.

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". Investors are expecting strong earnings from the tech sector.

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 US manufacturing industry was also stronger in June.

"Trade, including imports, has not threatened the health of the USA automotive sector, but in fact has strengthened it", said John Bozzella, the chief executive of the Association of Global Automakers. The Peterson Institute for International Economics calculates that 85 percent of the Chinese products to be hit by the initial Trump tariffs are machinery and components used in finished goods made in the United States.