The trade row between the E-U and the United States is in its full force as the European Commission says it will begin charging 25 percent import duties on a range of American products. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of US factory jobs.
The European Union on Friday is to slap tariffs on $US3.4 billion in American products, from whiskey and motorcycles to peanuts and cranberries.
The U.S.is also locked in a tariff showdown with China, after President Trump said he would use the import taxes to try to shift the balance of trade between the world's top two economies. Oxford Economics said the consequences could be much greater if Trump imposed tariffs on cars, which leaders from both American and European vehicle manufacturers have said would lead to net job losses in the US.
According to a report from the Wall Street Journal, the USA ambassador to Germany has been in talks with German auto makers during which the idea was pitched to end vehicle tariffs between the US and the European Union.
But the administration's insistence that the U.S. was hit with disproportionate tariffs from key trading partners "is simply not true", wrote Gregory Daco, head of U.S. Economics at Oxford Economics, in a research note. That comes after the USA put a 25 percent tariff on $34 billion of Chinese goods, to which Beijing responded by imposing an identical charge on the same amount of American goods.
White House National Trade Council Director Peter Navarro on the Trump administration's proposed Chinese investment restrictions.
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"This response by the European Union is adequate, it is proportionate and it is reasonable".
As painful as the brewing trade war could prove, many have seen it coming.
On Thursday, Indian imposed tariffs on 29 United States goods worth $ 238 million as a countermeasure.
The new duties have been imposed as tensions over trade continued to grow between the U.S. and China.
Trump recently approved heavy tariffs on $50 billion of Chinese imports. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.
The spat is part of a wider tussle over global trade.
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