US Chamber says $75 bn in US exports subject to counter-tariffs

Trump's trade war could really slam N.J. companies and cost jobs here, top business group warns

Trump's trade war could really slam N.J. companies and cost jobs here, top business group warns

The powerful US Chamber of Commerce, the nation's largest lobby group with more than 3m members, has launched a campaign to oppose Trump's tariffs, while the European Union threatened to slap retaliatory tariffs on hundreds of billions of dollars worth of US goods.

China, India, Canada, Mexico, Norway, the European Union and Russian Federation have all filed complaints, arguing the us duties are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards.

Warner's comments come after the US president threatened to impose auto tariffs in an interview with Fox News Sunday, noting cars are "the big one".

President Donald Trump cited national security concerns for the previous tariffs.

China, Mexico, and the European Union are also pushing back on the U.S.'s tariffs. The United States has threatened to impose duties on up to $450 billion of Chinese imports, with the first $34 billion portion set to go into effect on July 6.

"We expect the net contribution of trade to growth to become negative in the second half of the year, if it hasn't already for some countries", ANZ Asia economist Eugenia Victorino said.

"Tariffs are beginning to take a toll on American businesses, workers, farmers and consumers as overseas markets close to American-made products and prices increase here at home", chamber President and CEO Thomas J. Donohue said in a news release.

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The White House last month announced plans to slap 25 percent tariffs on roughly 1,100 goods imported from China, worth $50 billion a year. It calculated that a 25% tariff would slash an initial $13-14 billion off United States gross domestic product, with no predicted improvements to its own incomes.

Assuming counter-measures along the lines of those taken in response to existing USA import tariffs on steel and aluminium, up to US$294 billion of United States exports - 19% of overall U.S. exports - could be affected, the submission said.

A detailed study by the U.S. China, which has announced tariffs on $34 billion in American goods, is a critical soybean market for USA producers.

The White House has already imposed tariffs on European Union steel and aluminium and faced reprisals in the form of extra charges on a range of goods, including US-made motorcycles, jeans and even playing cards.

"I don't think trade wars are good for anybody", said Tom Bracken, president of the New Jersey Chamber of Commerce.

While he has threatened auto tariffs, Trump has not yet followed through on them. The U.S. has higher tariffs on trucks and other products, she said. "We cant send our cars and if we do they charge many, many times the tax that we stupidly don't charge".

The EU said the USA auto industry is in good health, but any restrictive duties could undermine that trend. This is higher than the 1 million barrels-a-day increase that OPEC countries have agreed on, sending oil futures on a decline. It then took that information and applied a 25 percent tariff on parts to come up with its projected figures.

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