Trump’s automotive tariffs could cost the United States $294 billion

04 July, 2018, 01:37 | Author: Shannon Aguilar
  • Donald Trump

SC has some $3 billion in exports to those countries that either will or could be affected by the new tariffs.

In recent months, Trump has sparked a global-trade conflict by placing or threatening punitive tariffs on hundreds of billions of dollars' worth of goods from China, Mexico, Canada, and the European Union. The EU had calculated that a 25% tariff would have an initial US$13-14 billion negative impact on U.S. gross domestic product with no improvement to its current account balance.

The report assesses the immediate damage to the USA economy at $13 billion to $14 billion, with much larger indirect costs from retaliatory measures by the United States' trading partners. Traders are reacting to retaliatory events and the imposition of fresh tariffs at the end of the week.

President Donald Trump has said that the current trade battles with key United States allies are necessary because other countries are "taking advantage" of the US. The EU has targeted $3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidson (HOG.N) motorcycles.

Trump is also considering a 20 percent tax on imported cars in the name of national security, and has tariffs on $200 billion in Chinese goods.

These companies support 120,000 direct and indirect USA jobs in plants across the country, the European Union said, pointing to sites in South Carolina, Alabama, Mississippi and Tennessee - southern U.S. states known for their unwavering support for Trump.

The US Chamber also published an interactive map on the internet showing the impact of the trade dispute in all 50 states.

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On Sunday, Canada - a country that, by the way, imports about as much from us as it exports in return - announced retaliatory tariffs against $12.6 billion of USA products.

Perhaps most unsettling to businesses and investors, Washington and Beijing have engaged in tit-for-tat tariffs and threatened retaliation that has raised the prospect of a trade war between the world's two largest economies.

For example, the Chamber said Texas could see $3.9 billion worth of exports targeted by retaliatory tariffs; Tennessee, $1.4 billion; and SC, $3 billion.

In its submission, the European Union said EU companies make close to 2.9 million cars in the United States, supporting 120,000 jobs - or 420,000 if cars dealerships and vehicle parts retailers are included.

In the meantime, Trump has told his USA trade representative, Robert Lighthizer, to identify an additional $200 billion in Chinese goods for 10 percent tariffs.

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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