China presses Europe for anti-U.S. alliance on trade

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The Commerce Department is investigating tariffs on cars and vehicle parts from the European Union and other trading partners on the grounds of national security under orders from US President Donald Trump.

He has slapped tariffs on imported steel and aluminum - action that has drawn retaliatory tariffs from US allies like Canada, Mexico and the European Union.

The commission said global retaliation against USA tariffs on auto imports would have a bigger impact on the United States economy than those provoked by the Trump administration's steel and aluminium tariffs.

Shanghai's bear market lurch continued overnight, with losses of up to 3 percent as firms await USA tariffs on $34 billion worth of Chinese goods this week, and new business surveys showed some worrying signs of deterioration.

It reported that manufacturers were "overwhelmingly" concerned about the impact of the tariffs imposed by the Trump administration on products including steel and aluminium.

The 25 percent import tax could push the synthesiser company outside the US.

Such a war could cost jobs, Bracken said.

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

The White House last month announced plans to slap 25 percent tariffs on roughly 1,100 goods imported from China, worth $50 billion a year.

According to the Financial Times, European leaders are getting more convinced that President Donald Trump will put new tariffs on European cars.

While many other issues are dominating the headlines - the Supreme Court, immigration, and developments in the Russian Federation investigation - the slow burn of the United States' looming trade war may become one of the most significant stories in the months to come. The EU has imposed retaliatory tariffs on goods worth €2.8 billion ($3.27 billion), primarily on US-built motorcycles.

The EU warned in a 10-page submission to the US Commerce Department that imposing import tariffs on cars and auto parts would harm the US automotive industry and may lead to retaliatory tariffs on $US294 billion ($401 billion) worth of US exports, almost one-fifth of US exports. Its tariffs are meant to deliver pain to American farmers, who overwhelmingly backed Trump in the 2016 election and whose interests are represented by powerful lobbyists and members of Congress.

Its ironic that the protectionist concept of trade tariffs will essentially threaten jobs in the USA, as usual in any conflict, trade or otherwise, there is always "collateral damage". "I love those countries", said Trump, naming Germany and Scotland.

The Trump administration has made aggressive use of tariffs to address what it sees as trade imbalances with other countries. Those tariffs are due to take effect July 6.

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