Tuesday, 17 July, 2018

Moog warns that Trump trade tariffs pose a threat to its business

Trump's'America First administration is going to trade war with ChinaMore Trump's'America First administration is going to trade war with ChinaMore
Laurie Berry | 03 July, 2018, 18:56

The European Union warned on Monday that up to $294 billion worth of United States exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports.

USA synth company Moog has warned that a 25% tariff on the import of Chinese goods brought in by President Trump could result in layoffs and the end of its instruments being made in the US.

The Chamber, the nation's largest business lobbying group and a traditional ally of Trump's Republican Party, said the White House is risking a global trade war with its push to protect United States industry and workers with tariffs. It says Mr. Trump's rhetoric about European trade surpluses is not just unfair, it is untrue: If the full economic picture is taken into account, Mr. Juncker says, the USA actually has a trade surplus with the EU.

European Commission President Jean-Claude Juncker is to visit Washington by the end of July to help resolve the bitter trade dispute.

Meanwhile, Canada retaliated against USA steel and aluminum tariffs by imposing retaliatory duties on US$12.6 billion in American goods starting Sunday. Farmers will pay dearly for 25 percent retaliatory tariffs on soybeans, which China plans to impose on Friday.

In the letter to USA authorities, the European Commission, which handles trade policy for the bloc's 28 members, painted a stark picture of what the United States economy would face if Trump followed through on his threat.

Mr Trump has threatened to impose a 20 per cent levy on cars from the EU.

England vs. Colombia World Cup live stream info, channel
But they'll have to beat a star-studded Belgian side in the quarter-final following their astonishing comeback win over Japan. England meet Colombia on Tuesday night with the victor playing advancing to the Quarter Finals in Russian Federation .

"Despite Trump's bluster, trade wars should not be invited and are never easy to win", said Pascrell, a member of the House Ways and Means Committee, which oversees trade issues. It said that auto imports from Europe to the USA had grown at the same pace as demand from the U.S. market, showing that they were filling a gap that domestic output could not, rather than eating into domestic sales as Trump has suggested.

Trump railed against his trading partners during the meeting, according to sources, and withdrew his support for a joint communique after leaving the summit, angering and bewildering some of Washington's closest allies.

The impact of retaliatory measures by Washington's trading partners could total around $294 billion - or around 19 percent of total USA exports in 2017, the European Union estimates. Trump slammed the company's move, saying it was tantamount to surrender, and threatened punitive taxes.

The Chamber of Commerce is focusing their efforts at the state level.

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 and Canada have also threatened to impose tariffs on billions of dollars worth of USA products.

Canada's retaliatory tariffs against American imports, including Florida orange juice, ketchup and bourbon, were due to take effect on July 1.

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