Thursday, 15 November, 2018

European Union slaps retaliatory tariffs on USA as trade war rattles markets

WOLFSBURG GERMANY- MARCH 08 The front of a Volkswagen Golf car is displayed at an assembly line at the Volkswagen factory German Car Makers Call on EU to Scrap Auto Tariffs to Preserve Access to U.S. Market Alexander Koerner Getty Images 20 Jun 2018
Kenneth Drake | 22 June, 2018, 17:46

The China Daily has accused the Trump administration of "manipulative maneuvers", which have led to a trade war and the lowest level of Chinese investment in the United States economy in seven years.

"We don't want to do anything that would harm consumers", he said.

European Union trade official Cecilia Malmström said that the European Union "did not want to be in this position", but that it had no choice.

President Trump won't allow China to prey on USA technology any longer, White House National Trade Council Director Peter Navarro told FOX Business on Wednesday.

The economic difficulties America is facing are a result of its aggressive trade policy, not China or other countries, according to the daily.

When the US imposed the tariffs it said it was doing so as a matter of national security - further angering its closest allies, whose tariffs are now targeting President Trump's base of support - in the steel and aluminum industries, but also in farming states, and in whiskey-producing Kentucky.

The European Union will start taxing a range of USA imports Friday, June 22, including quintessentially American goods like Harley-Davidson bikes and cranberries, in response to President Donald Trump's decision to slap tariffs on European steel and aluminum. But, he said, the move could hurt India's economic growth as the country diversifies its exports, as well as prompt India "to re-look at US relations as undependable".

However, many lawmakers have expressed concerns that the tariffs will escalate into a trade war that will ultimately hurt American interests. The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion.


The EU put some 180 types of products on its tariffs list, from agricultural products like orange and cranberry juice to steel and aluminium items to manufactured goods, such as makeup, clothes, and boats. Bejing will respond in kind.

The tariffs and threats have begun to take a toll.

"Steel pricing is usually relatively stable", said Al Rheinnecker, CEO of American Piping Products in Chesterfield, Missouri, which distributes steel pipe to numerous industries.

So far, Rheinnecker has managed to pass along the higher costs to his customers.

The Commerce Department is allowing companies to request exemptions from the steel and aluminum tariffs - if they can show that the metals they need aren't available from Americans producers.

The rising tensions and the chaos surrounding the steel and aluminum tariffs are starting to generate pushback on Capitol Hill.

Trade representatives from India and the United States are set to meet in New Delhi next week.

The spat is part of a wider tussle over global trade. An earlier version misspelled his surname as Balesu and incorrectly said he was the restaurant's owner.

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