European Union retaliatory tariffs on US goods go into effect

European Union retaliatory tariffs on US goods go into effect

"The rules of worldwide trade, which we have developed. with our American partners, can not be violated without a reaction from our side", Commissioner for Trade Cecilia Malmström said.

When a trade war happens, it just doesn't affect the two economies involved but all the economies open to world trade.

President Trump on Friday threatened to unilaterally impose a 20 percent tariff on all automobile imports from Europe, further breaking from Republicans in Congress and front-running an investigation he had ordered from the Commerce Department into whether these imports harm the U.S.'s national security.

"I think the United States is losing more because it has put tariffs on a very important input which very often it doesn't produce itself", he said. Analyst Bergqvist argued that his "main concern" over a trade war was the impact on stock markets - and the subsequent knock-on effect for the world economy.

"We did not want to be in this position", EU Trade Commissioner Cecilia Malmstrom said in a statement, adding that the "unilateral and unjustified" USA decision had left the EU with no choice.

UN says human rights are 'pillar' of its work
United Nations human rights chief Zeid Ra'ad al-Hussein on Monday called on Washington to halt its "unconscionable" policy. The U.S. announced its withdrawal from the council on Wednesday, citing among other things its alleged anti-Israel bias.

Canadian Prime Minister Justin Trudeau this week said the integration of the auto industry in the US and Canada means he has "a hard time accepting that any leader might do the kind of damage to his own auto industry that would happen if he were to bring in such a tariff on Canadian auto manufacturers", Reuters reported. "We don't want to do anything that would harm consumers", he said. By the first week in July, $75 billion in U.S. products will be hit by new foreign tariffs, according to the U.S. Chamber of Commerce's John Murphy.

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

The White House refused to exempt its traditional allies from worldwide tariffs on steel and aluminium, which Trump argues are necessary to protect United States jobs and industry. Its biggest target has been China, against which President Trump this week ordered new tariffs on $200 billion worth of goods.

The Trump administration this week ratcheted up its accusations that China's trade and intellectual property practices are threatening U.S. economic interests. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the US that were made here.

"Changes in trade policy could cause us to have to question the outlook", Federal Reserve Chairman Jerome Powell said during a panel discussion at a European Central Bank conference in Sintra, Portugal.

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