New Trump tariffs may force Moog to lay off workers

EU is possibly as bad as China’ Trump attacks partners in new ‘unfair trade’ rant

The EU, Mexico, Canada, Turkey and India introduced duties on USA products in return.

EU Trade Commissioner Cecilia Malmstrom said that while the EU does have higher tariffs on cars than the US - around 10 percent versus 2 percent - the tariffs only apply to a fraction of the auto market, around 15 percent.

According to a report in the Financial Times, a letter sent by the European Commission to the US Department of Commerce says the EU could hit $US300 billion of US goods with tariffs if Trump follows through on his threats to place big taxes on European vehicles being imported in the US.

The report assesses the immediate damage to the USA economy at $13 billion to $14 billion, with much larger indirect costs from retaliatory measures by the United States' trading partners.

For example, almost $4 billion worth of exports from Texas could be targeted by retaliatory tariffs, the Chamber said, including $321 million in meat the state sends to Mexico each year and $494 million in grain sorghum it exports to China.

"With credit growth still cooling and USA tariffs imminent, we expect further weakness ahead", said Julian Evans-Pritchard, senior China economist at Capital Economics.

That came on top of the tariffs on Chinese steel and aluminum that went into effect in late March - measures that prompted Beijing to slap punitive duties on 128 US goods, including pork, wine and certain pipes.

The potential new European Union measures would apply "across sectors of the USA economy", the letter stated. And as powerful as the U.S.is, it can't go it alone.

BMW has identified itself as the only vehicle manufacturer that produces more cars in the US than it sells here. The Office of the U.S. Trade Representative concluded after an investigation that China's tactics range from requiring U.S. and other foreign companies to hand over technology in return for access to the vast Chinese market to outright cyber-theft.

Economists at Bank of America Merrill Lynch have warned that a full-fledged trade war, especially one that lasts more than a year, would slow the USA economy. Critics dismissed Beijing's commitments as vague, and Trump chose to proceed with the tariffs after all. Any tariffs on European Union cars would hit Germany hard.

Moog is asking its customers to protest tariffs that may result in job losses.

Oil prices also fell after US President Donald Trump put pressure on Saudi Arabia to increase oil production. "Waged haphazardly, they can produce a host of collateral damage, harming small businesses, raising consumer prices, and destabilizing sectors ranging from auto makers to hog farmers".

The US Chamber also published an interactive map on the internet showing the impact of the trade dispute in all 50 states.

Trudeau's comments, according to White House economic adviser Larry Kudlow, inspired Trump's fury.

Trump has defended the policies, arguing last month the tariffs are necessary because the U.S.is being "ripped off by other countries".

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