European Union says it will start to impose tariffs on USA on Friday

European Union to hit US with tariffs on $3.2 billion worth of imports

Now, the world is punching back.

The targets include steel, agricultural and other products, including bourbon, peanut butter, cranberries and orange juice.

. India and Turkey have already targeted USA products, ranging from rice to autos to sunscreen.

The total amount of United States goods exported to China amounted to only US$130 billion (S$177 billion) a year ago, meaning that Mr Trump's potential tariffs on US$250 billion or more of Chinese imports can not be matched, at least directly.

The US and European Union have imposed mutual tariffs.

China holds the capacity to become the future technological hub of the world - and United States companies have to embrace this fact or lose to China's biggest technology firms. The rhetoric is already intensifying.

China is "fully prepared" to respond to any new list of United States tariffs, according to a commerce ministry spokesman, who said the nation will use a combination of quantitative and qualitative measures.

The EU trade commissioner has acknowledged that the EU targeted some iconic American items to put political pressure on U.S. President Donald Trump and senior U.S. politicians.

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

"He's right, we make great cars in the United States".

Those personally in the line of fire are among the most concerned. "Our response will have to be proportionate, reasonable and intelligent". "It's going to hit customers, that's for sure".

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"Tariffs would raise the cost of these parts and domestic production, which makes products more expensive to consumers and lowers demand for them in the United States and overseas", according to PIIE's analysis.

The world's most-powerful central bankers this week warned that escalating worldwide trade tensions have started damaging confidence among companies, threatening the global economic expansion.

European autos stocks have been a major victim of escalating tariff rhetoric, particularly targeting German carmakers' exports to the United States, and the autos index was set for its worst week since January 2016 as tensions climbed.

The European Union (EU) on Friday levied tariffs on estimated $3.2 billion worth of American goods, in retaliation for tariffs US President Donald Trump's tariff imposition on imported steel and aluminium. The president justified the move by saying imported metals threatened America's national security - a dubious justification that countries have used rarely because it can be so easily abused.

Economists noted that the amount of money involved with India's levies dwarfed in comparison with that of China - U.S. -India trade was $126 billion past year, while U.S. China's tactics range from forcing American companies to hand over technology in exchange for access to the Chinese market to outright cyber-theft. "They do have, though, very strong Immigration Laws", Trump posted on Twitter, a day after a vote on a compromise immigration measure was postponed in the House. MORE, Trump's former top economic advisor said last week the president had expressed an interest in only having cars in the USA that were made here.

However, China accused the U.S. of an act of "extreme pressure and blackmail" and said it would respond with "strong countermeasures". All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States. Steel and aluminum prices, for example, have shot up and supplies have become scarce.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22. It expects to employ 2,000 people initially, eventually bringing the workforce up to 4,000, according to its website. But it's been overwhelmed by more than 20,000.

Mexico placed tariffs on American products ranging from steel to pork to bourbon two weeks ago. Senators this week grilled Commerce Secretary Wilbur Ross.

"But then you get to the real business of trying to be prosperous".

"For most American families, their vehicle is the second biggest purchase they make", Hatch told Ross.

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