February 18, 2019

Trump touts economy in spite of ‘unfair’ trade deals

03 July 2018, 06:58 | Joann Bryant

Trump's'America First administration is going to trade war with ChinaMore

Trump's'America First administration is going to trade war with ChinaMore

TRADE TENSIONS: The European Union on Monday slammed the Trump administration for considering higher tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in us goods.

The Trump tariffs would violate worldwide trade rules, the commission said, adding that European vehicle imports into the United States do not pose a threat to the American automobile industry.

"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home", U.S. Chamber of Commerce President Thomas Donohue said in a statement Monday.

"We should seek free and fair trade, but this is just not the way to do it". "Second, a potential deal to let Chinese telecom company ZTE buy USA tech equipment may ease tensions somewhat over a potential ban on such sales".

Those measures have drawn retaliatory tariffs on billions of dollars of U.S. exports from major trading partners including China, the European Union, Canada and Mexico. Farmers will pay dearly for 25 percent retaliatory tariffs on soybeans, which China plans to impose on Friday.

In a letter to United States 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 Trump has long threatened to place tariffs on China, arguing that the country steals the intellectual property of tech companies in the USA and as a result should be punished. Trump said, adding that he wants to wait until "after the election". "They send their Mercedes in, we can't send our cars in". But Italy blocked their formal adoption until the migration issue was fully addressed.

The EU responded to the steel and aluminum tariffs with "rebalancing measures" that hit around $3.25 billion worth of American-made products.

Meanwhile, the European Union argued that the US's comparably low auto import tariff was countered by higher rates on other vehicles, such as lorries.

Owing in part to President Donald Trump's tax reform, which cut the corporate tax rate to 21% from 35%, companies listed in the S&P 500 Index boosted stock buybacks, setting a new record for the group during the first quarter.

The Chamber based its state-by-state analysis on data from the US Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

Mr Trump has implemented billions of dollars in tariffs targeted at China, Canada, Mexico and the European Union, saying such moves are needed to offset trade imbalances.

Canada's retaliatory tariffs against American imports, including Florida orange juice, ketchup and bourbon, were due to take effect on July 1.

The EU regards national security arguments as nonsense: In its report, the European Commission warned the U.S. government that the move would be unacceptable.

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