New Trump tariffs may force Moog to lay off workers

New Trump tariffs may force Moog to lay off workers

A top vehicle manufacturer consultant says that the cost of new cars and trucks in the USA could spike by up to $5,000 if President TrumpDonald John TrumpTrump: Democratic voters will support Republicans because of ICE criticism Coney Barrett, Kavanaugh among candidates who met with Trump: report Trump administration recommends against allowing China Mobile access to United States market MORE decides to impose tariffs on foreign automobiles.

Trump had already threatened tariffs on cars imported from the European Union, in response to the EU's retaliatory tariffs last week on iconic us products including bourbon, jeans and motorcycles.

In May, Mr. Trump ordered an inquiry into the possibility of imposing tariffs on auto imports.

Exports threatened by new tariffs include about $842.5 million worth to China, $292 million to Mexico, $88 million to the European Union and $1.1 million to Canada, the study says.

According to Foreign Minister Chrystia Freeland, Canada is working closely with the European Union and Mexico to take on the US economic machine.

BMW, the German-based auto company with manufacturing operations in SC, recently wrote to the Commerce Department to warn that rising steel and aluminum prices in response to the tariffs will negatively impact its S.C. operations, potentially putting jobs at risk. Mexico is adding duties to pork imports.

Retaliation for his tariffs came swiftly. "We should seek free and fair trade, but this is just not the way to do it".

Also on Friday, the European Union enacted tariffs Friday on more than $3 billion worth of USA goods including bourbon, yachts and motorcycles.

Concerns over trade tariffs helped sink Japan's Nikkei .N225 2.2 percent to an 11-week low, with a survey of manufacturers showing sentiment deteriorating in the face of trade war threats.

A detailed study by the U.S.

Early last month, Mexico imposed tariffs on USA products ranging from steel to pork and bourbon, while the European Union levied duties of 25% on €2.8 billion of United States imports, including jeans and Harley-Davidson motorcycles. Trump's 25 percent tariff on steel will hurt all American manufacturing dependent on economical steel.

In the European Commission's written response to the Trump administration's investigations into vehicle and auto part imports, it warns that the effect on US exports could be huge, with 19 per cent of USA exports hit.

Trump initially granted Canada, EU members and other nations exemptions on the metal tariffs - 25% on steel and 10% on aluminum.

The Trump administration is also identifying an additional $200 billion in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.

Trump, he says, is essentially having a "temper tantrum" as he's demanding concessions from countries they can't make - because he's invented problems that don't exist.

Trump has defended the policies, arguing last month the tariffs are necessary because the U.S.is being "ripped off by other countries".

579,300 SC jobs are supported by global trade, the Chamber estimates.

Despite questioning the probe's legitimacy, the European Union has requested to take part in a Commerce public hearing on July 19-20.

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