European Union gives stark warning to U.S. over auto tariffs

Despite Trump's tariffs on European metals exports and threats to hit the EU's automobile industry, Brussels shares Washington's concern about China's closed markets and what Western governments say is Beijing's manipulation of trade to dominate global markets.

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's views on tariffs have been a sore subject, even among fellow Republicans who have criticized Trump's imposition of steep tariffs against US allies.

The chamber found that USA exports will face billions of dollars in retaliatory tariffs.

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Experts say an increase in USA tariffs could pose a serious challenge to European auto-makers.

"In 2017, US-based European Union companies produced close to 2.9 million automobiles, which accounted for 26 percent of total United States production", it said.

Early last month, Mexico imposed tariffs on USA products ranging from steel to pork and bourbon, while the European Union levied duties of 25% on €2.8 billion of U.S. imports, including jeans and Harley-Davidson motorcycles.

Trump initially granted Canada, EU members and other nations exemptions on the metal tariffs - 25% on steel and 10% on aluminum. "The European Union is possibly as bad as China, just smaller", he told Fox News in an interview, adding that it was "terrible what they do to us" and then mentioning the "car situation". But not all sectors of our provincial economy would be immune if we did see a recession hit.

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As for ZTE, the Chinese telecommunications company, lots of industry watchers, including Kleintop of The Charles Schwab Corporation (SCHW), think that if ZTE is once again allowed to purchase US equipment, it could ratchet down the tensions between the two countries.

While many other issues are dominating the headlines - the Supreme Court, immigration, and developments in the Russian Federation investigation - the slow burn of the United States' looming trade war may become one of the most significant stories in the months to come.

While he has threatened auto tariffs, Trump has not yet followed through on them.

European Commission President Jean-Claude Juncker is to visit Washington by the end of July to help resolve the bitter trade dispute. The rate is expected to remain unchanged at 1.5 percent.

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Malmstrom said the European Union can not lift its vehicle tariffs for the United States or it would have to do so for the rest of the world, and "there's no way" European Union member countries would agree to that. It fell 21 cents to settle at $73.94 a barrel on Monday.

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