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Trump’s trillion-dollar trade war

  • Published at 09:07 am July 5th, 2018
Donald Trump
File photo of US President Donald Trump Reuters

An Oxford Economics report concludes that Trump’s threat of tariffs on Europe's automotive sector could destroy 100,000 American jobs in 2019

US President Donald Trump’s trade wars with allies and trade partners could easily surge through the trillion-dollar mark and affect almost a third of America’s total trade with the world.

The US is due to start imposing tariffs on Friday on $34bn of imports from China, and Beijing is set to target an equal amount. In June, angered by Beijing’s retaliation, Trump ordered a further $200bn worth of imports to be targeted by 10% tariffs and threatened to go for another $200bn beyond that. To which Beijing has vowed tit-for-tat levies.

Adding Trump’s threats to hit the European Union’s $61.2bn trade with America in cars and car parts, and auto trade with NAFTA partners Mexico and Canada worth $246bn, his dispute will soar through a trillion dollars.

An Oxford Economics report concludes that Trump’s threat of tariffs on Europe's automotive sector could destroy 100,000 American jobs in 2019.