Largest U.S. business group attacks Trump on tariffs

Largest U.S. business group attacks Trump on tariffs

They say China's decision in May to lower tariffs on imported cars will make little difference because imports make up such a small part of the market.

The submission said European auto companies are "well established" in the United States.

United States trading partners retaliating against President Donald Trump's trade offensive have hit back with tariffs on US$75 billion in American exports, leaving local companies vulnerable to job losses, a leading business group said today.

The European Union has warned the United States that imposing import tariffs on cars and auto parts would harm its own automotive industry and likely lead to counter-measures by its trading partners on US$294 billion of U.S. exports.

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

It shows the depth of Chinese concern about a trade war with Washington, as Trump is set to impose tariffs on billions of dollars worth of Chinese imports on July 6.

"In 2017, US-based European Union companies produced close to 2.9 million automobiles, which accounted for 26% of total U.S. production", it said, adding that they supported 120,000 USA jobs. Taking countermeasures against recent tariffs put on imported aluminum and steel as a guideline, the report assesses potential indirect costs at up to $294 billion. "I can't think of anything good about the trade war".

Colombia's James still doubtful for England game
England have been knocked out on penalties in three of the last six World Cup tournaments. "He's technically gifted. But on Monday he was still in England , reducing his chances of returning in time for the game.

China, Japan, and South Korea all reported that their export orders eased back in June as trade tensions continue with the US. Taiwan's benchmark fell and Southeast Asian indexes were mixed.

Brent crude prices slid on more supply from Saudi Arabia and Russian Federation and that pulled down energy stocks.

Mr Trump tweeted on the weekend that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels". In an effort to get the White House to lift the ban, ZTE just replaced its entire 14-member board with a slimmed-down eight and named Li Zixue, the deputy director of the Xi'an Microelectronics Technology Institute, as chairman.

The potential new European Union measures would apply "across sectors of the United States economy", the letter stated.

As for ZTE, the Chinese telecommunications company, lots of industry watchers, including Kleintop of The Charles Schwab Corporation (SCHW), think that if ZTE is once again allowed to purchase US equipment, it could ratchet down the tensions between the two countries.

The ISM said that demand remained strong but supply chains continued to "struggle" because of import tariffs and the robust economy.

The submission said that tariffs on cars and vehicle parts could undermine United States auto production by imposing higher costs on U.S. manufacturers. "Second, a potential deal to let Chinese telecom company ZTE buy USA tech equipment may ease tensions somewhat over a potential ban on such sales". The rate is expected to remain unchanged at 1.5 percent.

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