The EU is threatening a tariffs response that could amount to $294 billion if Trump follows through on his threats of increased tariffs on auto imports from Europe. Nearly a fifth of America exports are matched by that sum, meaning that America would suffer a major hit by going down this road.
As a trade war between America and the European Union, and America and China, Europe is looking to deepen its economic ties to China. Preparations are under way to provide a multilateral investment agreement between the EU and China which would help offset the economic losses incurred by Trump’s trade war as well as help to preserve the multilateral economic order.
With a massive influx of immigrants from across Africa and the Middle East, and growing poverty, Italy voted in a populist government representing policies which would seem to virtually overturn the postwar European order.
The austerity measures which have been imposed upon the Italian people have pushed more and more of them down into poverty, with the poverty rate doubling over the course of the past decade.
The Trump White House formally announced the list of Chinese products to be hit with tariffs.
The US will implement 25% tariff on $50 Billion in Chinese imports, representing 1,102 product lines with the list of imported goods among those listed on China’s 2025 plan.
The US tariffs against China will be implemented in two tiers.
The first tier on July 6th will cover $34 Billion in imports. A second tier will cover the remaining $16 Billion, or 284 product lines.
