Bourbon and Levi's prices to rise as European Union enforces tariffs on US
24 Junio, 2018, 04:07 | Author: Arnold Perez
Auto tariffs are shaping up as the next battle in what officials here fear is developing into a full-blown trade war between the US and its closest allies.
The tweet came as Europe imposed tariffs on goods worth 2.8 billion euros ($3.2 billion) - including Harley Davidson motorcycles and Levi's jeans - which are themselves a targeted response to Trump's earlier decision to impose steel and aluminum tariffs on European exports to the United States. India and Turkey have already targeted US products, ranging from rice to autos to sunscreen.
"We have a trade war - and it's an escalating trade war", SEB chief economist Robert Bergqvist said in an interview. But the E.U. has signaled its intention to push through another round of duties in the future, if the president persists in pretending that European metal threatens the safety of the American people. A group representing major USA and foreign vehicle makers has said it was "confident that vehicle imports do not pose a national security risk".
Relations plumbed new depths at the recent G7 summit when Trump abruptly rejected the joint statement and bitterly insulted his Canadian host, Prime Minister Justin Trudeau.
Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, like Harley-Davidson motorcycles and bourbon, to "make noise" and put pressure on USA leaders.
India joined the European Union and other US trading partners in retaliating against the Trump administration's tariff hikes on steel and aluminum Thursday by raising import duties on a variety of goods, including almonds, apples and some metal products. Trump said in the tweet.
Most economists say the effect of higher worldwide import tariffs will drive up costs for consumers, offsetting much of the benefit of protecting domestic industries for the country imposing them. "How they'll take it, we'll have to wait and see".
"I wish we would stop invoking national security because that's not what this is about".
"By linking the threatened imposition of USA tariffs to European Union tariffs imposed on US autos, the President has both short-circuited the 232 process and conclusively undercut the stated national security rationale of that investigation", said Daniel Price, a former senior economic adviser to President George W. Bush.
Trump already hit Europe with steel and aluminum tariffs, angering European Union leaders and triggering retaliation. According to the Peterson Institute for International Economics, a 25% tariff on imported autos to the U.S. would result in the loss of 195,000 USA auto workers' jobs.
Trump has since upped the ante, threatening another $200 billion in Chinese products, with Beijing saying it will respond further if necessary.
The department plans to make additional decisions on requests for steel and aluminum tariff exclusions.
The United States' trade deficit with China past year was $376 billion, by comparison.
Sen. Orrin Hatch, who opposes the vehicle tariffs, did the math for Commerce Secretary Wilbur Ross at a hearing this month.
Donald Trump has stepped up his war on global trade, which could endanger $400 billion in commerce.
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