Tuesday, 18 December, 2018

Bourbon and Levi's prices to rise as European Union enforces tariffs on US

2017 shows U.S. President Donald Trump and Chinese President Xi Jinping attending a welcome ceremony in Beijing. Trump announced tariffs on $60 billion of imports from China Trump Trade Advisor Says U.S. Turned to Tariffs after Negotiations Made ‘No Progress’ with China Kyodo News via Getty Images 19 Jun 2018Washington DC
Jodi Jackson | 22 June, 2018, 20:11

In an interview with Business Insider Germany last week, Bernhard Mattes, the president of German Association of the Automotive Industry (VDA), said that tariffs would not only hurt European automakers but the USA economy as well. That comes after the USA put a 25 percent tariff on $34 billion of Chinese goods, to which Beijing responded by imposing an identical charge on the same amount of American goods.

When a trade war happens, it just doesn't affect the two economies involved but all the economies open to world trade.

Adding as much as £200m per year to the cost of consumer goods arriving in Britain from the U.S., the measures came after Donald Trump imposed additional tariffs on imports of steel and aluminium shipped from the EU.

He pledged to impose tariffs on imports from countries that Mr Trump said had exploited the US. "However, the unilateral and unjustified decision of the United States to impose steel and aluminum tariffs on the European Union means that we are left with no other choice". The higher tariffs had previously been registered with the World Trade Organization (WTO). Leaders from the UK, Germany, and France slammed Trump's decision to hit the European Union with steel and aluminum tariffs and the bloc responded with tariffs of their own. "We don't want to do anything that would harm consumers", he said on Thursday. Thus, it's unclear what problem Trump's auto tariff is supposed to solve - unless the president believes that vehicle prices in the US are intolerably low.

"He's right, we make great cars in the United States".

Trump last week carried out a threat he made earlier this year by announcing he would impose $50 billion worth of tariffs on Chinese goods. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the USA that were made here. Its biggest target has been China, against which President Trump this week ordered new tariffs on $200 billion worth of goods.

"If you have trade barriers and restrictions, we can not create as many jobs as we are planning to", Volvo Cars CEO Hakan Samuelsson told Reuters at an event celebrating the new facility.

The Chinese have said they will respond in kind. China also hinted that another $16 billion in tariffs could be slapped onto more American goods, such as coal, crude oil, natural gas and medical equipment.

"No, because the United States is both an important export market and a strong production base for us", Mattes said. Senators this week grilled Commerce Secretary Wilbur Ross.

"Though the immediate effects on United Kingdom retailers might look relatively modest, it is worth paying close attention to this dispute because it's future course is unpredictable, fast moving and could quickly escalate to engulf other, seemingly unrelated areas of trade", he said.

"For most American families, their auto is the second biggest purchase they make", Hatch told Ross.

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