European Union warns Trump: motor tariffs could lead to £230bn retaliation

President Trump’s approach to trade has alarmed world leaders and members of the U.S. business community

President Trump’s approach to trade has alarmed world leaders and members of the U.S. business community

The European Union is reportedly ready to hold talks with major vehicle manufacturers about a coordinated effort to cut pre-existing tariffs, as a means of defusing President Donald Trump's trade war before it escalates further.

"We ask that you will support us by imploring our elected officials to recognize that these tariffs are seriously harmful to American businesses like Moog", the company says.

"Trump had recently launched a scathing attack on the EU for its imposition of tariffs, saying that the "European Union is as bad as China" in its trade policies".

"We think trade works for the American economy and tariffs don't", John Murphy, the Chamber of Commerce's senior vice president for worldwide policy, told CNBC's " Closing Bell " on Tuesday. It argues that Trump is risking a global trade war that will hit the wallets of USA consumers.

The Chamber, which has 3 million members, had praised Trump for slashing business taxes in December, but mounting trade tensions have opened a rift with the White House. In response, China will raise import duties on $34 billion worth of American goods.

Those tariffs kicked in on Sunday.

China's Caixin/Markit Manufacturing Purchasing Managers' index (PMI) declined to 51.0 in June from May's 51.1, with a sub-index showing new export orders contracting for the third straight month and the most in two years.

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According to Foreign Minister Chrystia Freeland, Canada is working closely with the European Union and Mexico to take on the US economic machine.

Last month, the European Union imposed tariffs on American goods worth Dollars 3 billion such as yachts, bourbon and motorcycles. On Sunday, Canada started billions of dollars in retaliatory tariffs against the USA, in a tit-for-tat response to the Trump administration's duties on Canadian steel and aluminum. Chamber of Commerce (.pdf), 579,300 S.C.jobs are supported by worldwide trade and approximately 6,160 companies export goods from locations in the state.

Several of the worlds leading automakers, including GM and Toyota Motor Corp., filed comments this week detailing concerns about the proposed 25 per cent tariffs on USA imports of vehicles and automotive parts. The US imported over $US43 billion worth of vehicles for people transportation in 2017.

Mr Trump has threatened to impose a 20 per cent levy on cars from the EU. The Peterson Institute for International Economics calculates that 85 percent of the Chinese products to be hit by the initial Trump tariffs are machinery and components used in finished goods made in the United States.

EU countries approved a raft of tariffs on Thursday (14 June) targeting United States goods including whiskey and motorcycles in retaliation against painful duties imposed by President Donald Trump on European metals.

"The EU is not inclined to give in to bullying by US President Donald Trump", said Holger Schmieding, chief economist at Berenberg.

The chamber found that USA exports will face billions of dollars in retaliatory tariffs.

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