hp for ($i=0; $i]+>!is", "", $news['Contains'][$i]['Body']); ?>

Trump administration's new tariffs hit USA consumers less, companies more

Trump administration's new tariffs hit USA consumers less, companies more

Trump administration's new tariffs hit USA consumers less, companies more

The Trump administration is trying to reduce the US trade deficit with China and improve intellectual property protection, although many analysts say tariffs are not an effective way to solving those issues.

As for Trump's proposed investment restrictions, companies are still waiting to see how exactly the governemnt will define Chinese entities, the threshold of investments, and potential penalties for violators, Politico reported, quoting a private sector source. "The woes the administration is inflicting on Chinese companies do not simply translate into boons for USA enterprises and the US economy".

US President Donald Trump (L) is greeted by Canadian Prime Minister Justin Trudeau (C) and his wife, Sophie Gregoire Trudeau, on the first day of the G7 Summit in La Malbaie, Quebec, Canada, June 8, 2018.

The list of US imports worth 2.8 billion euros (3.24 billion USA dollars), which will now face an extra duty at the European Union border, includes steel and aluminum products, agricultural goods and a combination of various other products. But those European automakers also ship some of the cars they sell in the United States from Europe.

The group, whose members include European automakers BMW, Volkswagen, Jaguar-Land Rover, Mercedes-Benz, Porsche and Volvo, says automakers favor reducing trade barriers and "achieving fairness through facilitating rather than inhibiting trade".

When the US Commerce Department investigation into the auto industry was announced last month, European Union spokesman Margaritis Schinas said there was no justification for the tariffs on steel and aluminium, adding that "invoking national security would be even more far-fetched in the case of the vehicle industry".

"We import about 20 percent of our steel", Chitwood said.

Trump's tweet could undermine his government's argument for auto tariffs, said Bill Reinsch, a senior adviser at the Center for Strategic and International Studies in Washington and former commerce department official.

Trump's tweet on autos came after EU reprisals against his tariffs on European steel and aluminium. He is also targeting European Union auto imports with a United States probe now underway.

New 'Time' Cover Highlights the Cruelty of Trump's Immigration Policy
The president said the border will remain "strong" but that detained immigrants will be kept with their children. It's the 21st time Mr Trump has appeared on the cover of Time in one form or another.

Portugal faces off with Morocco
The game ended 1-0 in favour of Portugal as Morocco became the first nation to officially crash out of the FIFA World Cup . The FC crew examine how Cristiano Ronaldo has adjusted his game with age to remain one of the world's elite players.

Kurtenbach: The Warriors won the title, now comes the hard part
Evans might want to get some Golden State shine for one year in an effort to cash in down the line. Andre's injury really hurt us before that and helped Houston get back in the series.

In turn, China said it would slap the U.S. with tariffs on $50 billion worth of USA imports starting in July. "Excluding agricultural products (generally more highly protected), the USA tariffs are similar to those from Canada and the European Union, and higher than in Japan".

"Fewer than expected SUV sales and higher than expected costs ... must be assumed because of increased import tariffs for USA sales into the Chinese market", the company said. Trump said in a tweet on Friday.

"We have to work on our trade with China because it has been very tough on our country, for very many years our presidents did nothing about it".

In Germany, BMW's shares were down around two percent while Daimler and Volkswagen both dropped by more than one percent.

The EU, a bloc of 28 nations, said the tariffs on $3.4 billion in US products would go into effect immediately. He told automakers at a White House meeting in May he was planning tariffs on some imported vehicles.

The U.S. imported about 1.26 million vehicles annually from Europe in 2017, according to LMC Automotive.

Trump's decision came three days after he announced tariffs on $50 billion worth of Chinese goods that would be subject to a 25% tariff.

German auto industry association VDA said Germany exported 657,000 cars to North America, 7 percent less than a year earlier, and 200,000 fewer cars than in 2013.

A group representing major United States and foreign automakers has said it was "confident that vehicle imports do not pose a national security risk".

Related news