German automakers offer to end EU's tariff's on U.S. autos

US President Donald Trump

The Trump administration announced in March that it would introduce tariffs of 25% on steel and 10% on aluminium imported into the US.

European Commission president Jean-Claude Juncker said duties imposed by the USA on the EU go against "all logic and history".

"The U.S. abuses tariffs to trigger trade wars everywhere around the globe and that will severely damage the world trade order, hurt the interests of trading partners, and also hurt its domestic companies and people", Ministry of Commerce spokesman Gao Feng said at a regular briefing in Beijing on Thursday.

The Commission formally adopted a law putting in place the duties on 2.8 billion euros (RM12.9 billion) worth of US goods, including steel and aluminium products, farm produce such as corn and peanuts, bourbon, jeans, and motorcycles.

Canada said its tariffs of up to 25% on almost $13 billion of American products will take effect on July 1.

"The rules of global trade, which we have developed over the years hand in hand with our American partners, can not be violated without a reaction from our side", she said.

He pledged to impose tariffs on imports from countries that Trump said had exploited the United States.

North Korean Leader Kim Jong Un Visits China
An announcement could come this week to suspend the major joint military exercises, South Korea's Yonhap news agency reports. Kim could ask for a withdrawal of or a reduction in United States forces in South Korea - a longstanding goal in Pyongyang.

The European Union's retaliatory tariffs come into force today targeting American products, including whiskey, motorcycles and peanuts.

If the plan were accepted, it would mean scrapping the EU's 10 percent tax on vehicle and auto imports from the USA and other nations and the US dropping the 2.5 percent duty it puts on similar imports from the EU.

US -made bourbon whiskey is now under a 25 percent tariff in the European Union, in retaliation for the Trump administration's tariffs on steel and aluminum. Both sides have promised to impose tariffs early next month on billions of dollars in goods.

In trade wars, there tend to many casualties and few winners.

According to the China Daily, the United States is trying to preserve the global economic system, which is working to America's benefit. The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion.

The Chinese have said they will respond in kind. All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

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.

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