EU warns US of boomerang effect if US imposes car levy

The U.S.is set to impose a 25 percent tariff on up to $50 billion of Chinese products starting this Friday.

"Based on the Tariffs and Trade Barriers long placed on the US and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US", Trump tweeted back in June.

The US leader had already threatened to impose tariffs on cars imported from the European Union, in response to the bloc's retaliatory tariffs last week on popular US products including jeans, bourbon and motorcycles.

The letter also said any auto tariffs would "damage further the reputation" of the USA, according to the FT.

The European Commission said in a letter that they would hit $300 billion of U.S. goods with tariffs if needed. China is preparing to hit the US with tariffs on products worth $34 billion, and Canada is throwing duties on USA products of around $12.5 billion.

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"We don't think a lot of the July 6 tariffs have yet to be fully priced into the market". The EU had calculated that a 25% tariff would have an initial US$13-14 billion negative impact on U.S. gross domestic product with no improvement to its current account balance.

Trump has singled out the Europeans as a problem as great to the United States on trade as China and laid out threats to fight the EU with a 20 percent duty on EU auto imports, a particular source of his scorn. In all fairness, they have their farmers, so they want to protect their farmers.

The European Union has reportedly threatened to retaliate against US President Donald Trump in the escalating trade conflict developing across the Atlantic.

BMW has warned that USA tariffs on imported cars could drive up manufacturing costs and risk jobs in SC. "The procurement of military vehicles, e.g. the Mine Resistant Ambush Protected (MRAPs), is limited to a small group of defense contractors producing highly specialized vehicles for military purposes at a cost that would be far beyond the means of the average middle-class USA household".

The commission said "up to $294 billion of U.S. exports. could be subject to countermeasures across sectors of the USA economy", which was equivalent to a staggering 19 percent of total United States exports in 2017. On Sunday, Canada started imposing tariffs on billions of dollars of US goods in response to the Trump administration's duties on Canadian steel and aluminum.

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