$2.3 billion of MI exports threatened by tariffs

Donald Trump

China, Japan, and South Korea all reported that their export orders eased back in June as trade tensions continue with the US.

The U.S. Chamber of Commerce is launching a campaign Monday hitting President Trump's tariff policies, according to a report.

Many are targeted specifically at states that have been supportive of Trump. "Doc used to take showers with the team even though he didn't do any workouts, and everybody used to snicker about how you go into his office for a sore shoulder and he tells you to take your trousers down".

Instead, the summit is expected to produce a modest communique, which affirms the commitment of both sides to the multilateral trading system and promises to set up a working group on modernizing the WTO, EU officials said.

President Donald Trump has boldly declared that trade wars are easy to win.

Chinese state media has promoted the message that the European Union is on China's side, officials said, putting the bloc in a delicate position.

Krugman warns that consequences of these disputes affect the structure of world trade: "The U.S.is now behaving in ways that could all too easily lead to a breakdown of the whole trading system and a drastic, disruptive reduction in world trade".

"I will tell you, China wants to make a deal and so do I, but it's got to be a fair deal for this country", he said.

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The new campaign, detailed first to Reuters, is an aggressive effort by the business lobbying giant. "We will not escalate, and we will not back down", Freeland said.

Several targets of Mr. Trump's tariffs on steel and aluminum have already imposed countermeasures, including Canada and the European Union. He noted that European carmakers create over half a million jobs in the U.S. "Trump only understands the language of power", one high-ranking European Union diplomat told Handelsblatt.

General Motors (GM) has taken a similar position as the European Commission.On Friday it warned Trump that his tariffs could force it to cut jobs and raise the price of cars, perhaps by thousands of dollars.

In May, Mr. Trump ordered an inquiry into the possibility of imposing tariffs on vehicle imports.

The EU has threatened the U.S. with countermeasures worth $294 billion if the Trump administration imposes further tariffs on European cars as a result of the ongoing investigation into whether they pose a possible threat to national security.

While it says that it sources circuit boards from United States suppliers wherever possible, "paying up to 30% over the price of the same circuit boards made overseas", the majority of the raw components still come from China and it will be unable to avoid the cost increase.

The initial fusillade of tariffs will likely do little damage to the United States, China or the global economy.

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