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.

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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.

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