Auto tariffs could lead to $300B retaliation — European Union warns Trump

Auto tariffs could lead to $300B retaliation — European Union warns Trump

Auto tariffs could lead to $300B retaliation — European Union warns Trump

A tariffs war could adversely affect those jobs in a region known for its support of the USA president.

Trump said last week that the government was completing its study and suggested the US would take action soon, having earlier threatened to impose a 20 percent tariff on all EU-assembled cars.

Trump's government is threatening to raise tariffs for EU-made cars to 20% to "rebalance" the EU's 10% tariff on cars imported into its region. The Shanghai Composite index sank 1.3 percent to 2,740.26. Australia's S&P/ASX 200 bucked the regional trend, adding 0.4 percent to 6,205.10, ahead of an interest rate decision by the Reserve Bank of Australia later Tuesday.

Coming up today, the Reserve Bank is expected to keep official interest rates on hold for yet another month with the post-meeting statement to be carefully scrutinised. Taiwan's benchmark fell and Southeast Asian indexes were mixed.

WALL STREET: Major U.S. benchmarks closed higher Monday, buoyed by a last-minute rally from technology companies.

The Dow Jones was 0.7% down as it opened for the first trading day of the second half of the year. The Nasdaq composite jumped 0.8 percent to 7,567.69.

The European Union, Canada and Mexico - all subject to tariffs on steel and aluminum exports to the usa - have also started imposing duties on American goods in response.

The European Commission said the USA investigation into auto imports "lacks legitimacy, factual basis and violates global trade rules". The EU had calculated that a 25% tariff would have an initial US$13-14 billion negative impact on USA gross domestic product with no improvement to its current account balance.

David Warner bowled by Lasith Malinga for one on return to cricket
Smith scored a brilliant half-century in his return while a terrific delivery from Lasith Malinga castled Warner . To some, the Australian trio's punishments were harsh, to others, they were nowhere near severe enough.

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 USA industry and workers with tariffs.

In May, Mr. Trump ordered an inquiry into the possibility of imposing tariffs on vehicle imports. It won't target 284 additions, worth $16 billion, until it gathers further public comments.

President Donald Trump isn't backing off on plans to levy billions of tariffs on steel and aluminum despite challenges from seven members of the World Trade Organization, The Hill reports.

Canada's retaliatory tariffs take effect Sunday against American products including Florida orange juice, ketchup and Kentucky bourbon.

Affected exports to the European Union, $133 million, include beauty products. Crude oil traders should pay more attention to demand headlines over the near-term especially if the tariffs start to cause economic damage in China.

Mr Trump tweeted on the weekend that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels".

White House spokeswoman Sarah Huckabee Sanders said Monday that previous trade deals have hurt the U.S. Westpac forecasts they will fall by 4.0 per cent in May. The euro slipped to $1.1631 from $1.1639.

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