European Union tariffs on U.S. goods come into force

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European Commission President Jean-Claude Juncker said on Thursday the US's new stance on trade "goes against all logic and history".

The total amount of United States goods exported to China amounted to only US$130 billion (S$177 billion) a year ago, meaning that Mr Trump's potential tariffs on US$250 billion or more of Chinese imports can not be matched, at least directly.

The European Union will start imposing duties on a list of US products as of Friday in response to President Donald Trump's decision to slap tariffs on steel and aluminium imports from Europe. Why would we import a vehicle when if we make more cars in the United States we create more factories, more jobs, more revenue, more taxable income?

Europe's autos stocks sold off rapidly, down as much as 1.3 percent, and Germany's DAX index fell into negative territory, down 0.2 percent as big German carmakers Daimler, Volkswagen (VOWG_p.DE) and BMW, which are heavily reliant on US vehicle sales, suffered. "However, the unilateral and unjustified decision of the USA to impose steel and aluminum tariffs on the European Union means that we are left with no other choice", she said.

The bloc has also filed a formal complaint at the World Trade Organization.

Calling the European Union response proportionate and in line with World Trade Organisation rules, she said that they would be removed if Washington removed its metal tariffs. Trump on Monday evening ordered up identification of $200 billion in Chinese imports for additional tariffs of 10 per cent - with another $200 billion after that if Beijing retaliates.

A spokesman for Prime Minister Theresa May said she expects to discuss trade tariffs with the United States president during his UK visit in July.

Lim said: "This is going to escalate, with the USA especially looking at German cars".

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The new tariffs target a wide range of American products, but the E.U.'s list includes a number of products chosen specifically to exact a political price from Trump and his supporters.

"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. "They do have, though, very strong Immigration Laws", Trump posted on Twitter, a day after a vote on a compromise immigration measure was postponed in the House.

President Trump said the measures against the EU are meant to protect US national security interests, but the Europeans claim it can not be that close allies, many of them North Atlantic Treaty Organisation partners, would endanger USA security. But if both exports and sales of USA companies inside China are measured, the U.S. has a surplus of US$20 billion with China, according to Deutsche Bank AG. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22. The department expected 4,500 requests.

The rising tensions and the chaos surrounding the steel and aluminum tariffs are starting to generate pushback on Capitol Hill. Several weeks ago, he ordered Commerce Secretary Wilbur Ross to launch what's known as a "232" investigation.

"The president has been so belligerent that it becomes nearly impossible for democratically elected leaders - or even a non-democratic leader like (Chinese president) Xi Jinping - to appear to kowtow and give in", said Philip Levy, senior fellow at the Chicago Council on Global Affairs and a former White House trade adviser.

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