Wednesday, 21 November, 2018

China is pressuring the European Union into an anti-US trade alliance

China is pressuring the European Union into an anti-US trade alliance China is pressuring the European Union into an anti-US trade alliance
Scott Davis | 04 July, 2018, 01:36

The European Union today slammed the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in usa goods amid signs of a brewing trade war.

The European Union has warned the United States that imposing import tariffs on cars and vehicle parts would likely lead to counter-measures by its trading partners, Reuters reported.

The Caixin/Markit Manufacturing Purchasing Managers' Index fell slightly in June in China to 51 as new export orders dropped for the third month in a row.

Canada and the USA are among the world's largest trading partners, with an estimated $673.9 billion in goods and services exchanged in 2017, with the US scoring a small surplus ($8.4 billion), according to USA government data.

General Motors also warned that proposed tariffs on foreign cars and parts could result in fewer cars being built on United States soil. Benchmark U.S. crude added 85 cents to $74.79 a barrel in electronic trading on the New York Mercantile Exchange.

Retaliation for his tariffs came swiftly.

Last week, European Council President Donald Tusk warned that Trump's policies are harming trans-Atlantic relations and that "we must be ready to prepare our Union for worst-case scenarios". The next three most-impacted states after SC are Michigan, Pennsylvania and Wisconsin - with a combined $5.1 billion in exports.




Trump has previously been persuaded to back off of trade threats with the argument that states that backed him in the 2016 presidential campaign will be hard-hit. "A potential offset to the blackout of corporate buying is that individual investors have been net buyers of ETFs and mutual funds that invest in USA and global stocks in five of the past six weeks despite the trade worries".

Eighty-five percent of those exports, or $2.6 billion worth, could be impacted by Chinese tariffs, with the other $400 million primarily being hit by Canada and Mexico, based on U.S. Commerce Department statistics. For instance, one of Trump's top targets - Canada - imposes average tariffs of 4.2%, compared to the US's 3.5%.

"We did retaliate against the American steel and aluminum tariffs - and we did so outside the framework of the [World Trade Organization], at least initially".

On Friday, Canada's foreign minister announced that Ottawa plans to impose about $12.6 billion worth of retaliatory tariffs on USA goods on July 1.

Steep US tariffs on more than $30 billion in Chinese imports are due to take effect Friday as retribution for Beijing's alleged theft of US intellectual property.

For example, when Trump initially made a decision to start slapping tariffs on foreign governments' goods, White House trade czar Peter Navarro said he didn't think any country would retaliate.

"I will tell you, China wants to make a deal and so do I, but it's got to be a fair deal for this country", he said.

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