China won’t stand for Trump’s trade war and bullying tactics
22 June, 2018, 20:09 | Author: Sara Gill
Oxford Economicssaid the consequences could be much greater if Trump imposed tariffs on cars, which leaders from both American and European vehicle manufacturers have said would lead to net job losses in the US. The United States' trade deficit with China a year ago was $376 billion, by comparison.
Such a move would be a massive escalation of the already intense trade fight between the United States and Europe.
The EU tariffs on $3.4 billion worth of US products are in retaliation for duties the Trump administration has imposed on European steel and aluminum.
Customs agents across the European Union internal market of 500 million people will impose the duty, hiking prices on US-made products in supermarkets and across factory floors.
The biggest exporters of cars to the US are Canada and Mexico, followed by Japan and Germany.
EU Trade Commissioner Cecilia Malmstrom said this week that the 28-nation bloc was "left with no other choice" but to impose tariffs of its own after the "unilateral and unjustified decision of the USA".
The bloc has also filed a formal complaint at the World Trade Organization.
The tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU's official journal, will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China.
"We did not want to be in this position". European Union steel and aluminium exports now facing USA tariffs are worth a total of €6.4 billion.
Lim said: "This is going to escalate, with the United States especially looking at German cars".
It is hard for the White House to unilaterally impose tariffs without input from Congress, but Trump has found several ways to do it this year.
The new tariffs target a wide range of American products, but the E.U.'s list includes a number of products chosen specifically to exact a political price from Trump and his supporters.
They also threatened a second round of tariffs on some $4.3 billion worth of U.S. products if the dispute was not resolved. Trump has threatened to impose new taxes on European and other imported cars - an idea that caught many by surprise, because domestic automakers GM and Ford have been thriving, and foreign companies such as BMW, Toyota and Honda now have large plants in the U.S. Bejing will respond in kind.
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What's more , unlike Trump's other trade spats, there are (arguably) real national interests at stake in his showdown with China. That means things like tourism and education, industries from which the United States benefits a lot more than China does.
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