Published: Fri, June 22, 2018
Markets | By Josh Butler

China accuses U.S. of trade ‘abuses’ as India hits back at Trump

China accuses U.S. of trade ‘abuses’ as India hits back at Trump

The tweet came as Europe imposed tariffs on goods worth 2.8 billion euros ($3.2 billion) - including Harley Davidson motorcycles and Levi's jeans - which are themselves a targeted response to Trump's earlier decision to impose steel and aluminum tariffs on European exports to the United States.

"The US is abusing the tariff methods and starting trade wars all around the world".

The tariffs will hit $3.2 billion in USA imports to the European Union.

In two weeks, the U.S. is due to start taxing $US34 billion in Chinese goods.

European Union trade officials have described the United States tariffs on steel and aluminum - justified by the Trump administration on grounds of national security -- as "illegal".

The 28-nation EU's trade chief, Cecilia Malmstrom, said Wednesday that the bloc would introduce the tariffs on about 2.8 billion euros' ($3.4 billion) worth of USA products.

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It was their world cup debut - against the mighty Argentina , no less - so Iceland fans all over the country were always going to be watching.

"The trade that we believe in is built on rules, trust and reliable partnership", President Jean-Claude Juncker said in a speech in Dublin last night.

"This response by the European Union is adequate, it is proportionate and it is reasonable".

In March, President Trump pledged to impose 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports from Canada, Mexico and the European Union. "How they'll take it, we'll have to wait and see".

'It's extraordinary for the United States to be imposing tariffs on its closest allies, ' says former senior counsel to Canada on CETA, Christophe Bondy, on Power & Politics.

The trade war risks significantly raising prices for consumers. 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.

"While average trade-weighted US -imposed tariffs on its imports are lower than those imposed by the EU, Canada, Mexico and China, the difference is marginal", he noted. Trump has threatened to impose new taxes on European and other imported cars - an idea that caught many by surprise, because domestic automakers GM and Ford have been thriving, and foreign companies such as BMW, Toyota and Honda now have large plants in the U.S. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the US that were made here. 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.

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