Posted on 07/01/2018 2:57:55 PM PDT by Olog-hai
US president Donald Trump’s threat to hit car imports with punitive tariffs risks sparking global retaliation against as much as $300 billion of US products, Brussels has warned.
The warning is the first time that the European Commission, in a written submission to the US Department of Commerce seen by the Financial Times, has set out a detailed response to Mr. Trump’s threat to slam punitive tariffs on imported vehicles, with EU capitals increasingly convinced that the unpredictable US president will act soon.
Mr. Trump on Sunday said that the EU was “as bad” as China when it came to the way European countries traded with the US. In an interview with Fox News, he dismissed suggestions that his attacks on the EU were counterproductive and that he should instead strengthen relations with European countries to tackle the Chinese trade issue together.
“The European Union is possibly as bad as China, just smaller … It is terrible what they do to us,” Mr. Trump said, citing “the car situation”.
Brussels said that an American investigation into whether foreign cars and parts posed a national security risk could plunge the global economy into a full-on trade war, harming employment in the US car sector, which accounts for more than four million jobs. …
(Excerpt) Read more at irishtimes.com ...
Here’s the funny part....
Tariffs on $300 bil is all they have. That’s their limit.
We can go their $300 bil, and raise them $500bil. In fact, if we closed our market to them we’d drop the EU GDP by 5%. And that’s before the cascade of deflation worked its way through their economy.
They are bluffing, or a lot stupider than I thought.
EU warns Trump: Retaliation for car import tariffs may cost US $300bn
s/b
EU warns Trump: Retaliation for car import tariffs may cost us $300bn
Thanks Olog-hai.
There’s a BMW plant in SC.
The US has been bled for deca d es by the whole world. Its time for fair and equitable trade agreements and if they don’t like it, like Canada, they are going to face repercussions.
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