European Union counter-tariffs against USA come into effect on Friday - commission

Industrial Views Across The Dee Valley

Industrial Views Across The Dee Valley

"We are left with no other choice", Malmstrom said in a statement.

The European Union has announced a new range of retaliatory tariffs against the United States, in response to the us revoking the EU's exemption from steel and aluminum tariffs.

On May 31, the White House announced that it would be ending the exemptions at the end of that day.

The EU tariffs came into force just a week after China accused the United States of starting a trade war.

The spat comes amid a wider push by President Trump's administration to hit other countries with tariffs that would reduce the USA trade deficit. That amounts to almost 2 percent of the workforce for America's auto and auto parts industries.

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Canada and Mexico have also announced their own similar countermeasures just as an even greater trade skirmish pitting the U.S. against China deepens. Trump would start July 6 by taxing $34 billion worth of products and later add tariffs on an additional $16 billion in goods.

But it could get worse.

There could be yet another round of USA tariffs. Another 2 million jobs are linked directly to vehicle and parts dealers.

Trump has always been fixated on imported cars. BMW is one of South Carolina's largest employers, with more than 9,000 workers in the state. Its biggest target has been China, against which President Trump this week ordered new tariffs on $200 billion worth of goods.

As painful as the brewing trade war could prove, many have seen it coming.

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How much? Roughly 10 percent more for a new auto, estimates show. Senators this week grilled Commerce Secretary Wilbur Ross. The Utah Republican cited the average price of $23,200 for an imported vehicle.

"For most American families, their auto is the second biggest purchase they make", Hatch told Ross. "It is a significant financial commitment for most families, often paid for with debt, and I'm shocked that anyone would consider making it more expensive".

Jonathan Davis, owner of a wealth management firm, said the European Union was "on a hiding to nothing" by clashing with Mr Trump.

Trump and Peter Navarro, one of his top trade advisers, have long believed that the European Union has an unfair tariff on USA exports while the US government makes it relatively easy for other countries to send their cars here.

His threat - which if carried out would represent a serious escalation of the burgeoning trade war - comes hours after new European Union tariffs on goods imported from the USA came into force.

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That might be a relief to Swedish carmaker Volvo, which opened a factory in SC this month.

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