Money EU, Mexico, Volkswagen among those to testify at U.S. import tariff hearing

02:55  13 july  2018
02:55  13 july  2018 Source:   reuters.com

Auto industry gathers in Washington to discuss possibility of U.S. tariffs

  Auto industry gathers in Washington to discuss possibility of U.S. tariffs Auto industry gathers in Washington to discuss possibility of U.S. tariffsTrump's latest plan is to consider putting tariffs on imported autos and auto parts — a move he says would aid U.S.  workers but that could inflate car prices, make U.S. manufacturers less competitive and draw retaliation from other nations.

By David Shepardson. WASHINGTON (Reuters) – The European Union , Japan, Canada, Mexico , along with automotive trade groups, Volkswagen AG, and the United Auto Workers union are among those scheduled to testify at a July 19 hearing on the Trump administration’ s investigation into

trade groups, Volkswagen AG , and the United Auto Workers union are among those scheduled to testify at a July 19 hearing on Last month, two major U . S . auto trade groups warned that tariffs of up to 25 percent on imported vehicles Among those testifying are Canada, the EU , Mexico , and

a large ship in a body of water: Container ships sit in berths at the Port of Los Angeles.© REUTERS/Lucy Nicholson/File Photo Container ships sit in berths at the Port of Los Angeles.

The European Union, Japan, Canada, Mexico, along with automotive trade groups, Volkswagen AG (VOWG_p.DE), and the United Auto Workers union are among those scheduled to testify at a July 19 hearing on the Trump administration's investigation into whether imported autos and parts pose a national security threat, according to a document seen Thursday by Reuters.

The U.S. Commerce Department in May launched an investigation into whether imported vehicles pose a national security threat.

U.S. President Donald Trump has repeatedly threatened to impose a 20 or 25 percent import tariff on vehicles and parts.

Trump has attacked Canada, Europe, and Mexico for their trade barriers — here's how tariffs in every country measure up

  Trump has attacked Canada, Europe, and Mexico for their trade barriers — here's how tariffs in every country measure up President Donald Trump defends his new tariffs by claiming other countries are "taking advantage" of the US. But other major economies do not maintain much higher tariff levels than the US. The US, Australia, Canada, and Japan all have average applied tariff levels under 5%, while the European Union and Mexico are not much higher.The US is more protectionist by other trade measures than its allies.President Donald Trump has said that the current trade battles with key US allies are necessary because other countries are "taking advantage" of the US.

Mexico - Import TarriffsMexico - Import Tarriffs. Includes information on average tariff rates and types that U . S . firms should be aware of when exporting to the market. Last Published: 9/18/2017.

President Trump on Thursday imposed tariffs on imported steel and aluminum from the European Union , Canada and Mexico , triggering immediate retaliation from Mexico said it would levy tariffs on American farm products, while Canada zeroed in on the same metals that Trump had targeted.

Last month, two major U.S. auto trade groups warned that tariffs of up to 25 percent on imported vehicles would cost hundreds of thousands of jobs in auto manufacturing, dramatically raise prices on vehicles, and threaten industry investment on self-driving cars. Major automakers have also filed comments warning of job losses and lost sales.

At a July 19 hearing, those two groups, the Alliance of Automobile Manufacturers and Association of Global Automakers, will testify, as will the National Automobile Dealers Association, National Association of Manufacturers, Motors & Equipment Manufacturers Association and groups representing German and Japanese automakers, according to a draft agenda not yet made public.

Over 40 countries object at WTO to U.S. car tariff plan

  Over 40 countries object at WTO to U.S. car tariff plan Major U.S. trading partners including the European Union, China and Japan voiced deep concern at the World Trade Organization (WTO) on Tuesday about possible U.S. measures imposing additional duties on imported autos and parts. Japan, which along with Russia had initiated the discussion at the WTO Council on Trade in Goods, warned that such measures could trigger a spiral of counter-measures and result in the collapse of the rules-based multilateral trading system, an official who attended the meeting said.Over 40 WTO members, including the 28 countries of the European Union – warned that the U.S.

The United States has threatened to impose tariffs on imports of steel and aluminum from allies like the European Union , Canada and Mexico . Among those would most likely be agricultural products exported from the Midwest, where a part of Mr. Trump’ s political base lives.

The United States also imposed metals tariffs on the European Union , Japan and other countries as part of an effort to stop the flow of imported metals, which the Farmers, who are among those most vulnerable to the Mexican tariffs , said the tariffs would devastate American agriculture.

A Commerce Department spokeswoman declined to comment.

Among those testifying are Canada, the EU, Mexico, and South Africa's ambassadors to the United States, along with other government officials from Korea, Malaysia, Taipei, Turkey as well as the China Chamber of International Commerce. Executives from Volkswagen, Polaris Industries Inc (PII.N), LG Electronics Inc (066570.KS), auto parts firm Jtekt Corp (6473.T) and Sumitomo Rubber Industries Ltd (5110.T).

Some aides have said that Trump is pursuing the national security probe to put pressure on Canada and Mexico to agree to concessions in talks to renegotiate the North American Free Trade Agreement.

The Commerce Department had initially planned two days of hearings but now will hear testimony for one day.

Commerce Secretary Wilbur Ross said in June he aimed to wrap up the probe into whether imported vehicles represent a national security threat by late July or August.

Everything you wanted to know about the Canada-U.S. trade war but were afraid to ask

  Everything you wanted to know about the Canada-U.S. trade war but were afraid to ask Everything you wanted to know about the Canada-U.S. trade war but were afraid to ask .Okay. Bring me up to speed. Here’s the deal. Earlier this year, the United States slapped tariffs on steel and aluminum imports from many countries around the world. Canada was given a pass for a couple months, but at the end of May, the U.S. decided to hit Canadian steel and aluminum with those tariffs. Now there is a 25 per cent tariff on steel and a 10 per cent tariff on aluminum that enters the U.S. from Canadian producers.Much like the rest of America’s trading partners, Canada wasn’t too happy about this.

Trump on March 23 imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, but granted temporary exemptions to Canada, Mexico , Brazil, the EU , Australia and Argentina. Trump has also granted a permanent exemption on steel tariffs to South Korea as part of a revision of a free

FILE PHOTO: U . S . Treasury Secretary Steven Mnuchin testifies at a hearing of the Financial Services and tariffs of 25 percent on steel imports and 10 percent on aluminum imports from the EU The U . S . move added to European anger over Washington’s threat to sanction companies that did

Ross said in May "there is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry." He asked for comments on "domestic production needed for projected national defense requirements."

The U.S. Chamber of Commerce noted U.S. auto production has doubled over the past decade, and said tariffs "would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war."

(Reporting by David Shepardson; editing by Clive McKeef)

This American Cargo Ship Is Racing to China to Beat a Huge New Tariff on the Soybeans it's Carrying .
A ship carrying U.S. soybeans is steaming toward northern China in a race to beat a 25 percent tariff. Peak Pegasus is expected to arrive in Dalian on Friday, the same day that China is scheduled to impose tariffs on imports from the U.S., according to shipping data compiled by Bloomberg and a person familiar with the matter. If it arrives as scheduled, it should be able to clear customs before the tariffs are imposed, according to the person, who asked not to be identified because they’re not authorized to speak to the media. Ship-tracking data currently shows it arriving at about 5 p.m. local time.

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