Pro-GOP Business Lobbying Giant Goes to War With Trump Over Tariffs

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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.

ASIA'S DAY: Asian markets tumbled in the morning as back-and-forth exchanges over looming U.S. tariffs added to worries over the trade war brewing between China and the U.S. Hong Kong's Hang Seng, reopening after a market holiday on Monday, closed 1.4 percent lower at 28,545.57 as investors reacted to weaker than expected Chinese economic data.

If the United States government imposes a higher tariff rate, the European Union said it would respond - as it did to the recent hike in import costs for steel and aluminium - with its own measures.

China, India, Canada, Mexico, Norway, the European Union and Russian Federation have all filed complaints, arguing the US duties are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards. It calculated that a 25 percent tariff would have a negative impact of $13 to $14 billion on the USA gross domestic product initially.

That comment seemed to refer less to the US mid-term elections and more to Mexico's vote on Sunday that elected Andres Manuel Lopez Obrador as the country's first leftist leader in decades.

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Retaliation for his tariffs came swiftly.

The European Union has reportedly threatened to retaliate against US President Donald Trump in the escalating trade conflict developing across the Atlantic.

Also on Friday, the European Union enacted tariffs Friday on more than $3 billion worth of US goods including bourbon, yachts and motorcycles.

Beijing's target list of USA goods to penalize is heavy on agriculture.

Whle tariffs could jeopardize $47 million in exports to China, the U.S. Chamber said, Pascrell said China's unfair practices have cost millions of American jobs.

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A year ago the European Union exported $43.6 billion worth of cars to the United States.

The Chamber opposes the Trump administration's tariff policy, estimating the impact of the tariffs on each state with an interactive map on TheWrongApproach.com.

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

The Trump administration has made aggressive use of tariffs to address what it sees as trade imbalances with other countries. The idea was that China's additional purchases would shrink its trade surplus with the United States. The EU has imposed retaliatory tariffs on goods worth €2.8 billion ($3.27 billion), primarily on US-built motorcycles. "So if there's countries out there that want to do that, I'm sure he'd be happy to sit down and make that happen right now and move this process forward a whole lot quicker".

Canada has the rate on 6.8% of tariff lines.

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