India Imposes Retaliatory Tariffs On US, Here's What's Targeted

European Union to hit US with tariffs on $3.2 billion worth of imports

EU to begin counter trade tariffs against US on Friday

"The United States decision to impose targets on Europe goes against that, in fact it goes against all logic and history", European Commission President Jean-Claude Juncker said on Thursday.

The total amount of U.S. goods exported to China amounted to only US$130 billion (S$177 billion) past year, meaning that Mr Trump's potential tariffs on US$250 billion or more of Chinese imports can not be matched, at least directly.

"We have a trade war - and it's an escalating trade war", SEB chief economist Robert Bergqvist told AFP in an interview.

On Friday, the European Union retaliated by slapping tariffs on $3 billion worth of US exports, including 25 percent duties on Harley-Davidson motorcycles (which are manufactured in Paul Ryan's home district), bourbon (which is bottled in Mitch McConnell's home state), and corn (which is, of course, a staple of many breadbasket states that voted for Donald Trump).

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Customs agents across the European Union internal market of 500 million people will impose the duty, hiking prices on US-made products in supermarkets and across factory floors.

The EU, which is the world's biggest trading bloc, has taken its case to the World Trade Organization. "The U.S.is abusing the tariff methods and starting trade wars all around the world".

That means the EU's 10 percent tax on USA auto imports and the 2.5 tariff on auto imports in the US would end. Mattes also said that German automakers could not subsist without access to the USA market.

Daniel Gros, director for Economy and Finance at the Center for European Policy Studies, said that in a trade war everyone stands to lose, but the US has put itself in a worse position.

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"We've never seen anything like this", said Mary Lovely, a Syracuse University economist who studies worldwide trade - at least not since countries tried to wall themselves off from foreign competition during the Great Depression. The European Autos Stocks Index fell sharply after Trump's 20 per cent tariff tweet and was last down 1.25 per cent. Ford Motor Co shares went into the red and were down 0.5 per cent, while General Motors Co shares were off 0.3 per cent. So even if the United States and China are having this battle, trade diversion means what may happen is that many of their market groups will be dumped on other markets to ensure that they don't overconsume or overproduce. "They do have, though, very strong Immigration Laws", Trump posted on Twitter, a day after a vote on a compromise immigration measure was postponed in the House. Trump would start July 6 by taxing $34 billion worth of products and later add tariffs on an additional $16 billion in goods.

"No, because the USA is both an important export market and a strong production base for us", Mattes said.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22.

"Changes in trade policy could cause us to have to question the outlook", Federal Reserve Chairman Jerome Powell said during a panel discussion at a European Central Bank conference in Sintra, Portugal.

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