China tariffs: What's behind them, who stands to be hurt? | AP business


He did, however, double down on Sunday, saying in an interview with Fox News that: "The European Union is possibly as bad as China, just smaller". The EU has targeted $3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidson motorcycles.

But the U.S. Chamber of Commerce says those increased costs get passed on to customers, and ultimately bog down economic activity.

The Trump administration suspended its tariffs after Beijing agreed to increase its purchases of USA goods, especially in agriculture and energy. Chamber of Commerce (.pdf), 579,300 are supported by global trade and approximately 6,160 companies export goods from locations in the state. "They send their Mercedes in, we can't send our cars in". But most other states have far more at stake.

The European Commission reportedly sent a letter to the U.S. threatening to hit $US300 billion of American goods with tariffs.

The remarks came as tensions between the USA and its trading partners are ramping up, with tariff threats and counterthreats echoing through the global economy.

Two major auto groups last week said that imposing up to 25 percent tariffs on imported vehicles would eliminate hundreds of thousands of jobs, according to Reuters.

Vice Premier Liu He has said privately that China is ready to set out for the first time what sectors it can open to European investment at the annual summit, expected to be attended by President Xi Jinping, China's Premier Li Keqiang and top EU officials.

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Amid escalating transatlantic trade tensions, the European Union has sent a strong warning to US President Donald Trump about the real costs of putting tariffs on cars.

The new campaign includes an analysis of the financial hit each U.S. state stands to take from potential retaliation to President Trump's tariffs. The company has 10,000 jobs on site, as well as 40 suppliers in SC and 235 suppliers across the United States.

What's more, the US tariffs on imported Chinese products could end up hurting American manufacturers.

The business community isn't the only ones opposed to the Trump tariffs.

According to Reuters, the submission also said that European Union companies make approximately 2.9 million cars in the United States and support 120,000 jobs, adding in vehicle dealerships and auto parts retailers that number shoots up to 420,000 jobs.

In the EU's view, this current investigation lacks legitimacy, factual basis and violates global trade rules, just as the similar investigation that led to the imposition of steel and aluminium tariffs earlier this year. "If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods".