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The U.S. Chamber of Commerce Is Fighting Trump's Tariffs with Facts

04 Juillet 2018

The EU, Mexico, Canada, Turkey and India introduced duties on USA products in return.

In 2017, $32.2 billion in goods were exported from SC, according to the International Trade Administration (.pdf).

The European Commission, the EU executive that handles trade for the bloc, said on Monday it was trying to convince its U.S. counterparts that imposing such tariffs would be a mistake. Trump previously announced a 25% tariff of up to $50 billion of Chinese products starting on July 6, while China in response will place tariffs on $34 billion of American goods coming into the country.

China, India, Canada, Mexico, Norway, the European Union and Russian Federation have all filed complaints, arguing the usa duties are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards.

For example, when Trump initially made a decision to start slapping tariffs on foreign governments' goods, White House trade czar Peter Navarro said he didn't think any country would retaliate.

The United States was losing its reputation as a trusted trade partner, the Russian delegate told the meeting, adding that the United States could soon start an investigation into the case for import tariffs on uranium products.

"With credit growth still cooling and USA tariffs imminent, we expect further weakness ahead", said Julian Evans-Pritchard, senior China economist at Capital Economics.

Warner warned if the USA were to hit Canada with auto tariffs, it would be "a real kick in the gut" to the country's economy. US officials point to Beijing's long-range development plan, "Made in China 2025", which calls for creating powerful Chinese entities in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals.

According to the U.S.

Economists at Bank of America Merrill Lynch have warned that a full-fledged trade war, especially one that lasts more than a year, would slow the USA economy. "The U.S. has been ripped off by other countries for years on Trade, time to get smart!" the president tweeted. He dismissed suggestions that his attacks on the European Union were counterproductive.

President Donald Trump cited national security concerns for the previous tariffs.

The US tariff on Chinese goods is threatening jobs at the Moog synthesiser company. Any tariffs on European Union cars would hit Germany hard.

They are urging their U.S. supporters to write to their elected officials, and have provided a pre-written letter - you can view that here in an online version. The company has 10,000 jobs on site, as well as 40 suppliers in SC and 235 suppliers across the United States.

Trudeau's comments, according to White House economic adviser Larry Kudlow, inspired Trump's fury.

He did, however, double down on Sunday, saying in an interview with Fox News that: "The European Union is possibly as bad as China, just smaller".

The U.S. Chamber of Commerce Is Fighting Trump's Tariffs with Facts