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Moog warns that Trump trade tariffs pose a threat to its business

03 July 2018

In a letter to the U.S. Department of Commerce, BMW warned that more proposed tariffs would hurt the automaker's ability to expand its investment in the U.S., where tariffs on steel and retaliation from other countries have already driven up costs, according to a report by Reuters.

The European Commission reportedly sent a letter to the United States threatening to hit $US300 billion of American goods with tariffs.

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.

"Economic analysis confirms that an increased tariff on these products will be harmful first and foremost for the United States economy", the letter said. In response, China has said it will raise import duties on $34 billion worth of American goods.

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Sen. Jeff Flake (R-AZ) called out President Donald Trump for a claim he made about the European Union trade policies during a Sunday morning interview on Fox News.

Similarly, Hyundai provided a similar forecast of how the tariffs will hurt the auto industry, saying that they will be "devastating".

The EU submission also reports a 25 percent tariff could have a $13-14 billion negative impact on US gross domestic product, Reuters reported. They don't want our farm products. "But we don't protect ours and they protect theirs", he said. "They treat us very unfairly".

Meanwhile, in a surreal twist to the trade war developments, Axios reported Sunday that a leaked draft Trump administration bill would see the USA abandon the World Trade Organization (WTO) rules that limit the levels of tariffs that the country can impose on imports.

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The EU's letter reportedly said that it has not yet decided on countermeasures to possible auto tariffs, but said it is "likely" to apply them to "a significant volume of trade" in the event Trump imposes such tariffs.

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.

That tactic is similar to the EU's retaliation on metals tariffs that came after Trump's administration on June 1 struck Europe as well as allies in Canada, Mexico and elsewhere with tariffs on aluminium and steel.

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Moog warns that Trump trade tariffs pose a threat to its business