The U.S. Chamber of Commerce Is Fighting Trump's Tariffs with Facts


The Commerce Department launched its investigation, on grounds of national security, on May 23 under instruction from President Donald Trump, who has repeatedly criticised the European Union over its trade surplus with the United States and for having higher import duties on cars.

China, India, Canada, Mexico, Norway, the European Union and Russian Federation have all filed complaints, arguing the us duties are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards.

Sen. Jeff Flake (R-AZ) called out President Donald Trump for a claim he made about the European Union trade policies during a Sunday morning interview on Fox News. But mounting trade tensions have opened a rift with the president.

In recent months, Trump has sparked a global-trade conflict by placing or threatening punitive tariffs on hundreds of billions of dollars' worth of goods from China, Mexico, Canada, and the European Union. Farmers will pay dearly for 25 percent retaliatory tariffs on soybeans, which China plans to impose on Friday.

While it says that it sources circuit boards from United States suppliers wherever possible, "paying up to 30% over the price of the same circuit boards made overseas", the majority of the raw components still come from China and it will be unable to avoid the cost increase.

Mr Trump is now mulling tariffs of up to 20% on all cars and vehicle parts made in the EU. The state has about 1.2 million jobs supported by the trades.

"Despite Trump's bluster, trade wars should not be invited and are never easy to win", said Pascrell, a member of the House Ways and Means Committee, which oversees trade issues.

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The EU responded to the steel and aluminum tariffs with "rebalancing measures" that hit around $3.25 billion worth of American-made products.

Retaliation for his tariffs came swiftly.

Canada and the US are among the world's largest trading partners, with an estimated $673.9 billion in goods and services exchanged in 2017, with the USA scoring a small surplus ($8.4 billion), according to USA government data.

In a 10-page submission to the United States Commerce Department sent last Friday, the European Union said tariffs on cars and auto parts were unjustifiable and did not make economic sense.

The number of exports that could be hit by retaliatory tariffs among the 10 most vulnerable states ranges from $1.7 billion in Pennsylvania to $6.2 billion in Washington. Chamber of Commerce tracked the expected effects in each state of U.S.

EU countries approved a raft of tariffs on Thursday (14 June) targeting USA goods including whiskey and motorcycles in retaliation against painful duties imposed by President Donald Trump on European metals.