After India, now European Union slaps additional tariffs on the US

Report Germany’s Automakers Throw Up White Flag on Trade Offer to Scrap 10% Tariff			Jesco Denzel  German Federal Government via AP		20 Jun 2018

The tariffs, mostly 25 percent, are designed in part to "make noise" by targeting politically important states like Kentucky, Florida, and Wisconsin, EU trade commissioner Cecilia Malmstrom said. The United States' trade deficit with China previous year was $376 billion, by comparison.

The world's most-powerful central bankers this week warned that escalating worldwide trade tensions have started damaging confidence among companies, threatening the global economic expansion.

The levies are in retaliation to USA president Mr Trump who imposed tariffs on steel and aluminium imported from the EU. China, India and Turkey have already hit back with their own tariffs on United States imports.

The biggest exporters of cars to the USA are Canada and Mexico, followed by Japan and Germany.

The 28-nation EU was first expected to do so only next month but EU Trade Commissioner Cecilia Malmstrom said they would introduce "rebalancing" tariffs on about 2.8 billion euros' ($3.4 billion) worth of United States products this week.

The U.S.is also locked in a tariff showdown with China, after President Trump said he would use the import taxes to try to shift the balance of trade between the world's top two economies.

Why is the European Union retaliating?

John Murphy, a senior vice president at the U.S. Chamber of Commerce, estimates that $75 billion in U.S. products will be subject to new foreign tariffs by the end of the first week of July. "The EU perhaps will find a few disgruntled consumers who have to pay more for their Harley Davidsons, but that is not a big loss for us".

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On May 31, the White House announced that it would be ending the exemptions at the end of that day.

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

The new duties have been imposed as tensions over trade continued to grow between the U.S. and China.

The Chinese have said they will respond in kind. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

The Commerce Department is allowing companies to request exemptions from the steel and aluminum tariffs - if they can show that the metals they need aren't available from Americans producers.

"The EU has a responsibility to stand up for open global trade".

The rising tensions and the chaos surrounding the steel and aluminum tariffs are starting to generate pushback on Capitol Hill.

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

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