Saturday, 22 September, 2018

Donald Trump defends trade tariffs despite backlash from allies

Jeff Flake Reacts to Trump’s Claim EU ‘Possibly as Bad’ as China on Trade: ‘This is So Wrong, Mr. President’ New Trump tariffs may force Moog to lay off workers
Laurie Berry | 05 July, 2018, 11:58

Retaliatory tariffs would cost billions and kill thousands of jobs.

European Union trade commissioner Cecilia Malmstrom said that while the European Union does have higher tariffs on cars than the usa - around 10% versus 2% - the tariffs only apply to a fraction of the market, around 15%. However, whether they buy circuit boards in the USA or overseas, the majority of the raw components still come from China. This tariff would significantly limit their ability to manufacture synthesizers, and could put many of their employee-owners out of a job.

Assuming counter-measures along the lines of those taken in response to existing United States import tariffs on steel and aluminium, up to US$294 billion of USA exports - 19% of overall U.S. exports - could be affected, the submission said.

The commission said "up to $294bn (£223bn) of USA exports. could be subject to countermeasures" that would be considered by the European Union and other trading partners, which amounts to nearly a fifth of the total value of U.S. exports in 2017. Any retaliatory measures by other countries will be much larger than what's happening with steel and aluminum tariffs, and will close off those markets to US companies, ACC said. She added that investors, bracing themselves for US-China tariffs, may turn to defensive stocks in industries like utilities, telecommunications and real estate.

Last month, the European Union imposed tariffs on American goods worth Dollars 3 billion such as yachts, bourbon and motorcycles.

Recent threatened tariffs would, if enacted, affect four per cent of total world trade, with a significant effect on the global economy. Steel products, aluminum products, and soybeans are among Alabama's hardest hit. Last week, the president increased his threats, suggesting a 20 percent tariff on auto imports.

Irish Water calling urgently on the public to continue to conserve water
The general public are still permitted to water their plants when necessary during a hosepipe ban by using a watering can. There 39 water supplies under night-time water restrictions and over 100 water supplies at risk due to high consumption.

"We'll spare no effort, be it at the technical or political level, to prevent this from happening", a spokesman for the Commission told reporters, adding that Commission President Jean-Claude Juncker's trip to Washington later this month would seek to stop any new U.S. tariffs. But most other states have far more at stake.

On Monday, Trump said the World Trade Organization has treated the U.S. This would only be aggravated by the likely counter-measures the 28-nation bloc and other trading partners might take.

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.

SC is among the hardest hit states, according to the analysis, though Washington stands to lose the most, with $6.2 billion of state exports threatened; $3.7 billion of that is soybean exports to China.

The EU has retaliated against those tariffs with measures of its own, which hit around €2.8b ($4.8b) worth of American-made products.

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