US auto industry dispute intensifies and prepares for worst case scenario

Jean Claude Juncker speaks at press conference

GETTYThe European Commission president wants to end the trade war with the US

Warner's comments come after the USA president threatened to impose auto tariffs in an interview with Fox News Sunday, noting cars are "the big one". These are mostly small family-owned businesses that would suffer severe economic harm should a 25 percent tariff be levied on autos and auto parts.

US Chamber president Thomas Donohue said: "Tariffs are simply taxes that raise prices for everyone".

The EU says that for some goods, such as trucks, USA import duties are higher.

The warning came in a detailed response to Trump's threat in a letter to the U.S. Commerce Department. China, which has announced tariffs on $34 billion in American goods, is a critical soybean market for us producers. Tennessee could see $1.4 billion targeted, and SC could see $3 billion targeted.

The bloc exported 37.4 billion euros (US$43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

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That came on top of the tariffs on Chinese steel and aluminum that went into effect in late March - measures that prompted Beijing to slap punitive duties on 128 USA goods, including pork, wine and certain pipes.

Brussels delivered the threat amid growing fears of an escalating trade war, as the U.S. president targets the bloc and others, including China, as part of a campaign to protect U.S. jobs. "They treat us very unfairly".

A detailed study by the U.S. Of the 10 states facing the biggest financial losses, seven voted for Trump in the presidential election, according to the report. The initiative is also enlisting 2,000 local and state chambers of commerce to call on Congress to review the "real costs" of the tariffs, Murphy said.

The Chamber also cited $1.7 billion in exports from Pennsylvania, including coffee to Canada, aluminum waste and scrap to China, motorcycles to the European Union and flat-rolled alloy steel to Mexico.

"We would be much more concerned here in Europe if all the volume which is not anymore able to be shipped into the U.S. is redirected to Europe", he told Sky's business presenter Ian King.

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The new 25 percent import tax, which takes effect on July 6th, will drastically increase the price of circuit boards and other components built in China.

The ISM said that demand remained strong but supply chains continued to "struggle" because of import tariffs and the robust economy.

The association's comments further explained that "the availability of affordable high-quality parts from foreign sources creates thousands of jobs that might be threatened should the Trump administration move forward with a tariff on vehicles and vehicle parts".

"You're getting a reaction to last week, when technology did so poorly and now they're getting a bounce here", Haworth said.

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