Moog faces job lay-offs in face of new Trump tariffs

Moog faces job lay-offs in face of new Trump tariffs

Trump has slapped tariffs on billions of dollars worth of steel and aluminum imports from China, the European Union, Canada and others, prompting retaliation against United States products. European Commission spokesman Margaritis Schinas said the USA investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates global trade rules", like last month's US tariffs on steel and aluminum imports.

A top vehicle manufacturer consultant says that the cost of new cars and trucks in the USA could spike by up to $5,000 if President TrumpDonald John TrumpTrump: Democratic voters will support Republicans because of ICE criticism Coney Barrett, Kavanaugh among candidates who met with Trump: report Trump administration recommends against allowing China Mobile access to United States market MORE decides to impose tariffs on foreign automobiles.

The EU warned in a 10-page submission to the US Commerce Department that imposing import tariffs on cars and auto parts would harm the US automotive industry and may lead to retaliatory tariffs on $US294 billion ($401 billion) worth of US exports, almost one-fifth of US exports.

"In 2017, US-based European Union companies produced close to 2.9 million automobiles, which accounted for 26% of total United States production", it said, adding that they supported 120,000 U.S. jobs.

For example, the Chamber said Texas could see $3.9 billion U.S. worth of exports targeted by retaliatory tariffs; Tennessee, $1.4 billion USA; and SC, $3 billion US.

US manufacturing expanded more than forecast last month as a gauge of supplier-delivery times shot up amid robust orders and production, data from the Institute for Supply Management showed on Monday.

US President Donald Trump boards Air Force One prior to departure from Morristown Municipal Airport in Morristown, New Jersey, July 1, 2018, following a weekend in Bedminster, New Jersey. If the US starts taxing Chinese imports Friday, Beijing plans to impose 25 percent tariffs on 545 USA products worth $34 billion a year - from soybeans and lobsters to sport-utility vehicles and whiskey.

More news: Halloween actress and fellow actor kidnapped and tortured
More news: Salah's new contract shows belief in Liverpool: Klopp
More news: Astronomers report 1st image of baby planet being formed

Canada's retaliatory tariffs took effect Sunday against American products including Florida orange juice, ketchup and Kentucky bourbon.

The comparison is particularly painful to Europeans, which are attempting to forge common ground with the Trump administration on the idea that the real danger to fair trade is China. By disrupting supply chains, eroding business confidence and heightening uncertainty, a trade war, they say, could "push the economy toward full-blown recession" and jeopardize America's economic expansion - the second-longest on record. Mexico plans to raise existing tariffs on unprocessed US pork to 20 percent from 10 percent on July 5, and China will place a 25 percent tariff on USA soybean exports on July 6.

Jeff Schuster, the senior vice president of forecasting at LMC Automotive, told USA Today that a 25 percent tariff on the imports would probably cause prices for each vehicle to rise by about $4,000 to $5,000. Any tariffs on European Union cars would hit Germany hard.

"Overall we expect the RBA to remain upbeat, with "further progress in reducing unemployment and having inflation return to target" continuing to be the central expectation", said ANZ economist, Joanne Masters.

European Union reportedly ready to hold talks with major auto manufacturers about a coordinated effort to cut pre-existing tariffs.

BMW said that Chinese tariffs on U.S. passenger cars, imposed in retaliation for USA duties on Chinese goods, have already increased the cost of exporting to China. State-specific fact sheets are available for download, as is the full US data set.

Related Articles

  • Trump Interviews 7 Supreme Court Candidates, Including Mike Lee

    Trump Interviews 7 Supreme Court Candidates, Including Mike Lee

    While Kennedy was a conservative, he proved to be a somewhat unpredictable "swing" vote over his long career. Shortly after he was elected in 2016, in an interview with CBS's "60 Minutes" , Trump said "I'm pro-life".
    Neymar Finally Takes Charge While Belgium Are Comeback Kings

    Neymar Finally Takes Charge While Belgium Are Comeback Kings

    A video review reversed the decision to award a penalty kick and Neymar's frustrations a few minutes later led to a yellow card. In a delayed reaction, Neymar made the most of Layun stepping on his ankle, rolling around with his hand covering his eyes.
    92-year-old woman son and killed son

    92-year-old woman son and killed son

    She did not enter a plea during a brief initial court appearance and it was not immediately clear if she had retained an attorney. After gunning down her son, Blessing turned the weapon on his girlfriend who tried to stop the slaying, according to police.
  • Suarez: Uruguay can cope without Cavani

    Suarez: Uruguay can cope without Cavani

    In defeating the reigning European champions, Uruguay reinforced it's a team that's deeper than Luis Suarez and Edinson Cavani . Ronaldo has now played 514 minutes of football in the knockout stages of the World Cup without scoring or providing an assist.
    Star Wars: Jar Jar Binks Actor Almost Ended His Life After Backlash

    Star Wars: Jar Jar Binks Actor Almost Ended His Life After Backlash

    And no character from that film has been more criticised than Jar Jar Binks , the slapstick Gungan companion of Anakin Skywalker. Star Wars star Ahmed Best is opening up about becoming suicidal after receiving major backlash from media and fans.
    Warriors Internally Rejected Idea Of Signing Dwight Howard

    Warriors Internally Rejected Idea Of Signing Dwight Howard

    The top markets for sales of LeBron's Lakers jersey were Los Angeles, New York, Oakland/San Francisco and Cleveland. Howard was reportedly interested in New Orleans, Oklahoma City, Washington and wherever LeBron James went.
  • China will counterpunch USA  with $34 billion in tariffs

    China will counterpunch USA with $34 billion in tariffs

    Both Chinese and USA business sources in China said there appeared to be little hope that the tariffs could be averted. Still, China's stance is striking given Washington's deep economic and security ties with European nations.
    Roger Federer, Serena Williams cruise into third round at Wimbledon

    Roger Federer, Serena Williams cruise into third round at Wimbledon

    The ninth-seeded American had struggled in the opening set of her first-round match with Johanna Larsson, but roared back to win. But she was broken again in the final game, becoming the fifth of the top eight women's seeds to lose before the third round.
    Two critically ill after shooting at elementary school

    Two critically ill after shooting at elementary school

    When that carjacking was unsuccessful, the suspect carjacked another vehicle, which police are looking for. No students were at the school at the time, said Blue Valley School District spokeswoman Becky Miller.
  • Red Bull wins Austria GP, Ricciardo aborts

    Red Bull wins Austria GP, Ricciardo aborts

    He managed to get through 57 laps on the super soft tyre to be just outside the top 10, with a pit stop needed to get home, when his gear box failed.
    Delayed 'Fortnite' Playground practice mode is finally online

    Delayed 'Fortnite' Playground practice mode is finally online

    Attempt to choose " Don't fill " on Playground mode right now, though, and there's a good chance you won't be able to select it. Unlike Save the World , Fortnite Battle Royale is a free-to-play mode now available to download on most major platforms.
    Canadian Brooke Henderson shares top spot at KPMG Women's PGA Championship

    Canadian Brooke Henderson shares top spot at KPMG Women's PGA Championship

    Park said she'd never executed a shot like that, but she didn't doubt she could pull it off. "That's what really made me cry". Park and Ryu each birdied the first playoff hole before Park sealed the win with a birdie on the second extra hole.