European Union warns Trump that auto tariffs could lead to $300B retaliation

European Union warns Trump that auto tariffs could lead to $300B retaliation

The European Union today slammed the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in us goods amid signs of a brewing trade war.

The European Union has warned the United States that placing tariffs on automobiles would end up hurting the USA economy and would probably result in retaliatory measures from its trading partners.

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

The report also said Trump's tarriffs threaten $46 million in exports to China, and $30 million to Mexico. "They treat us very unfairly". And while other major economies like the European Union and China are slightly higher, they pale in comparison to protectionism in South Asia, South America, and Africa.

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The chamber's president said in a statement to the outlet, "We should seek free and fair trade, but this is just not the way to do it".

"We have been in trade deficits with almost every country across the globe for years, and the president wants to ensure that that doesn't continue", Sanders said.

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.

The letter also said any auto tariffs would "damage further the reputation" of the U.S., according to the FT. Taking countermeasures against recent tariffs put on imported aluminum and steel as a guideline, the report assesses potential indirect costs at up to $294 billion.

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In a 10-page submission to the United States Commerce Department sent last Friday, the European Union said tariffs on cars and vehicle parts were unjustifiable and did not make economic sense.

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.

The EU's retaliatory action came after the Trump's administration hit Europe, Canada and Mexico with tariffs on aluminum and steel on June 1.

Several states that voted for Donald Trump in the presidential election are likely to be among the hardest hit in the trade war the president has triggered, according to the nation's largest business organization.

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European Union officials suggested Trump had only himself to blame for the falling-out with a company he had previously hailed as "a true American icon". Trump previously announced a 25% tariff of up to $50 billion of Chinese products starting on July 6, while China in response will place tariffs on $34 billion of American goods coming into the country.