European Union warns Trump's vehicle tariffs threaten $300 billion of USA exports

But in a submission sent to the US Department of Commerce, the European Union said that such an increase would be to the detriment of the US's own interests.

The European Union warned on Monday that up to $294 billion worth of U.S. exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports.

Global markets fell Monday as weaker-than-expected Asian economic surveys ratcheted up worries over the potential impact of higher tariffs due to be imposed by China and the a festering trade dispute.

The European Commission, the EU executive that handles trade for the bloc, said on Monday it was trying to convince its U.S. counterparts that imposing such tariffs would be a mistake.

"We'll spare no effort, be it at the technical or political level, to prevent this from happening", a spokesman for the Commission told reporters, adding that Commission President Jean-Claude Juncker's trip to Washington later this month would seek to stop any new USA tariffs.

The bloc exported 37.4 billion euros ($43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

The European Union says that for some goods, such as trucks, U.S. import duties are higher.

Schinas said European carmakers create over half a million jobs in the U.S. It said that vehicle imports from Europe to the United States had grown at the same pace as demand from the United States market, showing that they were filling a gap that domestic output could not, rather than eating into domestic sales as Trump has suggested. "Based on the Tariffs and Trade Barriers long placed on the US and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US", Trump tweeted back in June.

U.S-CHINA TARIFFS: The set to impose a 25 percent tariff on up to $50 billion of Chinese products starting this Friday.

It added that the countermeasures on £294bn of United States goods that would be considered by the European Union and other trading partners amounted to nearly a fifth of the total value of USA exports in 2017.



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