The U.S. Chamber of Commerce Is Fighting Trump's Tariffs with Facts

President Trump’s approach to trade has alarmed world leaders and members of the U.S. business community

The American automaker told U.S. President Donald Trump that tariffs on imports of vehicles and automative parts would hurt not help the industry.

China is expected to impose a new 25 per cent tax on soybeans in July.

ASIA'S DAY: Asian markets were overshadowed by weaker than expected Chinese manufacturing data and a softening in Japan's economic outlook.

Shares of Harley-Davidson ended Tuesday's shortened trading session up 0.8 percent. Brent crude, used to price global oils, declined $1.37, or 1.7 percent, to $77.86 in London.

In its submission, the European Union argues that trade restrictions would likely to lead to higher costs for us -based producers, and in effect become a tax on American consumers. The Dow Jones Industrial Average pared earlier losses and rose 35.77 points, or 0.15 percent, to 24,307.18, while the S&P 500 index gained 8.34 points, or 0.31 percent, to 2,726.71. The Nasdaq composite jumped 0.8 percent to 7,567.69.

Investors walk in front of trading boards at a private stock market gallery in Kuala Lumpur, Malaysia, Tuesday, July 3, 2018.

The European Union warned on Monday that up to $294 billion worth of United States exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports.

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But he and Merkel were spotted Saturday discussing the outcome with tense faces on the balcony of her Berlin office. Party leader Andrea Nahles said that "the CSU is on a unsafe ego trip that is paralyzing Germany and Europe".

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The Cavs played 81 postseason games - one contest shy of an entire regular season - the last four years, winning 55 of them. The 33-year-old James is coming off a season in which he averaged 27.5 points per game with the Cleveland Cavaliers .

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The police control room says they are investigating whether they were members of a family who died by suicide or were killed. Indian police launched an investigation Sunday after a family of 11 was found dead inside their home in New Delhi .

"New tariffs on steel, aluminum, and Chinese imports, as well as the potential for additional tariffs on autos and auto parts, have pushed us to the brink of a global trade war", the U.S. Chamber of Commerce, the largest business group in the country, said in a new study. These penalties would take effect, Trump has said, if Beijing fails to reform its trade practices and proceeds with retaliatory tariffs.

President Donald Trump cited national security concerns for the previous tariffs. But he denied reports he plans to pull out of the WTO.

It also argued that tariffs on cars and vehicle parts could hurt economic growth in North America, with an estimated initial $US13-14 billion hit on United States gross domestic product. It won't target 284 additions, worth $16 billion, until it gathers further public comments. And China will promptly strike back with tariffs on an equal amount of USA exports. In response, China has said it will raise import duties on $34 billion worth of American goods.

Nevertheless, European auto makers will be concerned about the uncertainty ahead. The USW union said that South Korea, Japan and Germany target the USA market for exports while limiting access to their own auto markets. Chamber of Commerce (.pdf), 579,300 S.C.jobs are supported by global trade and approximately 6,160 companies export goods from locations in the state. Chevron lost 1.5 percent to $124.58.

CURRENCIES: The dollar slipped to 110.79 yen from 110.88 yen on Friday.

German factory growth slipped to an 18-month low and French manufacturing activity slowed more than previously thought in June to its weakest pace in almost 1-1/2 years.

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