US Economy Could Lose $14B Over Auto Import Tariffs

03 July, 2018, 12:10 | Author: Brooke Harris
  • The European Union Mexico and Canada have all the hit U.S. with billions in retaliatory tariffs

The US tariff on Chinese goods is threatening jobs at the Moog synthesiser company.

"The European Union is possibly as bad as China, just smaller", President Trump replied to Bartiromo.

Roughly half of the circuit boards Moog use in their instruments come from China, Moog say that they do try to source their boards from the United States where possible, but it results in roughly 30% higher costs, so its not possible to source exclusively domestically.

The EU submission also reports a 25 percent tariff could have a $13-14 billion negative impact on USA gross domestic product, Reuters reported.

Canada and the US are among the world's largest trading partners, with an estimated $673.9 billion in goods and services exchanged in 2017, with the USA scoring a small surplus ($8.4 billion), according to USA government data.

The EU has targeted $3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidson motorcycles.

In May, Mr. Trump ordered an inquiry into the possibility of imposing tariffs on auto imports. As with steel and aluminum, "national security" would be the justification.

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In the letter to U.S. 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.

President Donald Trump's trade policy could cost New Jersey companies $920 million in sales, according to a report by the nation's largest business lobby. It would break global law and "further damage the reputation of the United States", it said.

Mr. Trump's secretary of commerce, Wilbur Ross, has hinted the decision on automotive tariffs could come as early as this month. Some observers suggest that the decision may be taken shortly before November's midterm elections, for maximum political effect.

"Don't attack Trump's vulgarity; don't make this a war of insults", it said.

Trump's threat was the latest salvo in an escalating trade war that saw the EU slap duties on US-made jeans and Harley Davidson motorcycles in a tit-for-tat response to U.S. tariffs on European steel and aluminium exports.

This comes after President Trump pointed out that the European Union is charging an unfairly high tax on American-made cars. "Trump only understands the language of power", one high-ranking European Union diplomat told Handelsblatt. He dismissed suggestions that his attacks on the European Union were counterproductive.

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