European Union warns Trump: auto tariffs could lead to $300B retaliation

European Union warns Trump: auto tariffs could lead to $300B retaliation

Meanwhile, on Sunday, July 1, Canada began to impose tariffs on billions of dollars of goods from the U.S.as a retaliatory measure in the wake of Trump's aluminum and steel tariffs. Trump says the WTO has allowed the United States to be taken advantage of in global trade.

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.

In the meantime, Trump has told his US trade representative, Robert Lighthizer, to identify an additional $200 billion in Chinese goods for 10 percent tariffs.

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TRADE TENSIONS: Investors continued to monitor trade tensions between the USA and other major economies.

The stark warning was included in the European Commission's written response to the Trump administration's investigation into imports of cars and auto parts. This weekend, Ottawa imposed tariffs on U.S. goods worth around $12.6 billion. The Peterson Institute for International Economics calculates that 85 percent of the Chinese products to be hit by the initial Trump tariffs are machinery and components used in finished goods made in the United States.

Those measures would apply "across sectors of the U.S. economy", the letter reportedly said. Farmers will pay dearly for 25 percent retaliatory tariffs on soybeans, which China plans to impose on Friday.

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Shanghai's bear market lurch continued overnight, with losses of up to 3 percent as firms await US tariffs on $34 billion worth of Chinese goods this week, and new business surveys showed some worrying signs of deterioration. "The European Union is possibly as bad as China, just smaller", he told Fox News in an interview, adding that it was "terrible what they do to us" and then mentioning the "car situation".

The Australian dollar slumped almost 1 per cent overnight to a low of 73.1 as the greenback rose and amid ongoing trade tension. And China will promptly strike back with tariffs on an equal amount of USA exports.

Mr Trump tweeted on the weekend that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels". Retaliatory tariffs would cost billions and kill thousands of jobs. "I love those countries", said Trump, naming Germany and Scotland.

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In the meantime, China has promised that the second wave of tariffs are on the way while Donald Trump has promised to increase his efforts against automobile manufacturers who he believes are taking advantage of the North American Free Trade Agreement.

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