European Union warns Donald Trump he risks $294bn trade tariff reprisals

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

European Union officials are claiming President Trump's new tariffs on vehicle imports could cost the USA economy up to $14 billion.

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

Trump has singled out the Europeans as a problem as great to the USA 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.

Krugman warns that consequences of these disputes affect the structure of world trade: "The U.S.is now behaving in ways that could all too easily lead to a breakdown of the whole trading system and a drastic, disruptive reduction in world trade".

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The EU's retaliatory action came after the Trump's administration hit Europe, Canada and Mexico with tariffs on aluminum and steel on June 1. China is expected to strike back with tariffs on a like amount of US exports.

This comes after President Trump instructed the Commerce Department to launch an investigation into the European Union and the auto industry on the grounds of national security matters. On Monday, Trump said the World Trade Organization has treated the U.S. Trump said, adding that he wants to wait until "after the election". But Italy blocked their formal adoption until the migration issue was fully addressed. If EU countermeasures on automotive tariffs take the same approach as those on steel, they will amount to around €10 billion. But he lifted the exemptions the same week he met with Group of Seven leaders in Quebec last month. Retaliatory tariffs would cost billions and kill thousands of jobs.

On Monday, the European Union warned that $300 billion in US exports could be hit by retaliatory tariffs. Trump slammed the company's move, saying it was tantamount to surrender, and threatened punitive taxes.

The European Union and Canada have also threatened to impose tariffs on billions of dollars worth of United States products.

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Canada's retaliatory tariffs took effect Sunday against American products including Florida orange juice, ketchup and Kentucky bourbon.

The Chamber based its state-by-state analysis on data from the US Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

But what may temper the blow from punishing tariffs could be a move by the White House to enable Chinese telecom company ZTE Corporation (ZTCOF) to purchase USA tech equipment again as well as Trump's less strict decision when it comes to investments by Chinese companies in US technology companies.

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