Top US business group assails Trump's handling of trade dispute

EU is possibly as bad as China’ Trump attacks partners in new ‘unfair trade’ rant

The European Union is slamming the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in usa goods.

A top vehicle manufacturer consultant says that the cost of new cars and trucks in the USA could spike by up to $5,000 if President TrumpDonald John TrumpTrump: Democratic voters will support Republicans because of ICE criticism Coney Barrett, Kavanaugh among candidates who met with Trump: report Trump administration recommends against allowing China Mobile access to United States market MORE decides to impose tariffs on foreign automobiles.

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

Right now, Canada has already instituted retaliatory tariffs against the U.S.as has the European Union for the tax on imported aluminum and steel.

The European Commission said in a letter that they would hit $300 billion of United States goods with tariffs if needed.

Potential U.S. tariffs on automobiles and auto components are drawing strong opposition from some quarters of the plastics supply chain.

CEO Mary Barra has attempted to provide counsel to President Donald Trump, even as his policies have negatively impacted automakers.

Similarly, the head of USA operations for Kitchener, Ontario-based injection molder Mitchell Plastics, said he feared tariffs would raise prices, lower demand and hurt the 800 workers at company factories in Michigan, Indiana and Alabama. The Trump administration is also identifying an additional US$200b in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.

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"We expect the net contribution of trade to growth to become negative in the second half of the year, if it hasn't already for some countries", ANZ Asia economist Eugenia Victorino said.

The US leader had already threatened to impose tariffs on cars imported from the European Union, in response to the bloc's retaliatory tariffs last week on popular US products including jeans, bourbon and motorcycles.

General Motors fell as much as 2% Friday after warning that USA tariffs on imported vehicles, now being considered by The White House, could "undermine" its ability to compete globally.

The European Union slapped revenge tariffs on iconic U.S. products including bourbon, jeans and motorcycles on Friday in its opening salvo in a trade war with President Donald Trump. The U.S. operations of Canadian injection molder Mitchell Plastics said it was "deeply troubled" by tariffs and feared they could ultimately result in higher prices that drive down auto sales.

Last week, European Council president Donald Tusk warned that Mr Trump's policies are harming transatlantic relations and "we must be ready to prepare our Union for worst-case scenarios".

The submission said that tariffs on cars and vehicle parts could undermine United States auto production by imposing higher costs on U.S. manufacturers.

The Chamber also is expected to spend millions of dollars on the midterm elections this year in an effort to help elect like-minded candidates who back free trade, immigration and reduced taxes. If EU countermeasures on automotive tariffs take the same approach as those on steel, they will amount to around €10 billion.

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