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GM WARNS: Trump's tariffs 'undermine our ability to compete' (GM)

GM WARNS: Trump's tariffs 'undermine our ability to compete' (GM)

GM WARNS: Trump's tariffs 'undermine our ability to compete' (GM)

In a letter sent to U.S. Commerce Department Friday, the European Union said tariffs on European cars and vehicle parts were unjustifiable.

The European Commission, the EU executive that handles trade for the bloc, said on Monday it was trying to convince its United States counterparts that imposing such tariffs would be a mistake.

President Trump's administration last month launched an investigation into whether auto imports posed a national security threat and Trump has threatened to impose a 20 percent tariff on all imports of EU-assembled cars.

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

The letter also said any auto tariffs would "damage further the reputation" of the U.S., according to the FT.

He said, "They send a Mercedes in, we can't send our cars in". China is preparing to hit the US with tariffs on products worth $34 billion, and Canada is throwing duties on USA products of around $12.5 billion.

"The European Union is possibly as bad as China, only smaller", Trump said on Fox News' "Sunday Morning Futures" programme. "Look what they do to our farmers. But we don't protect ours and they protect theirs", he said.

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BMW is the largest auto exporter by value in the U.S. Now in all fairness they have their farmers.

The president announced 25 percent import tariffs on hundreds of Chinese products to pressure the country to alter its practices.

THE QUOTE: "You saw some of the more tariff-sensitive stocks a little bit weaker on the opening", said JJ Kinahan, chief market strategist for TD Ameritrade.

European Commission spokesman Margaritis Schinas said the US investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates global trade rules", just like last month's USA tariffs on steel and aluminum imports.

The commission said "up to $294 billion of U.S. exports. could be subject to countermeasures across sectors of the USA economy", which was equivalent to a staggering 19 percent of total United States exports in 2017.

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.

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