$2.3 billion of MI exports threatened by tariffs

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

Trump contends that tariffs encourage companies to source locally and "buy American", while opponents of the measures say that they threaten economies both local and global.

"Look what they do to our farmers", Trump urged.

The business lobbying group says farm states and states with large auto production plants will be particularly vulnerable. Now in all fairness they have their farmers.

According to the Reuters news agency, the US Chamber of Commerce declared that his efforts to counter trade imbalances would prove counterproductive as they would damage the spending power of businesses and consumers alike.

European Union officials are claiming President Trump's new tariffs on auto imports could cost the us economy up to $14 billion.

On Sunday, Canada - a country that, by the way, imports about as much from us as it exports in return - announced retaliatory tariffs against $12.6 billion of USA products. On Friday, Canada struck back at USA steel and aluminum tariffs, vowing to impose punitive measures on $12.6 billion worth of American goods until Washington relents.

TARIFFS LOOM: The U.S. will start imposing a 25 percent tariff on $34 billion in Chinese imports this Friday.

The US does indeed have very low trade barriers.

The group's analysis of the harm each U.S. state could suffer from retaliation by USA trading partners painted a gloomy picture that could bring pressure on the White House from Republicans ahead of congressional elections in November.

Asked at a briefing about the Chamber's report, White House spokeswoman Sarah Sanders told reporters: "The president is focused on helping protect American workers and American industries and create a fair playing field".

European Commission spokesman Margaritis Schinas said the US investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates worldwide trade rules", like last month's USA tariffs on steel and aluminum imports.

The United States is set to impose tariffs on $34 billion worth of additional goods from China on July 6. "So if there's countries out there that want to do that, I'm sure he'd be happy to sit down and make that happen right now and move this process forward a whole lot quicker".

While some countries such as Brazil, India, and South Korea maintained average tariff rates into the double digits, most other countries impose tariffs relatively close to the USA level.

It's common knowledge these days that after Trump issued 25% tariffs on steel and 10% tariffs on aluminum, other countries promised to retaliate.

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