Largest U.S. business group attacks Trump on tariffs

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The Chamber based its state-by-state analysis on data from the U.S. Department of Commerce and government agencies in China, the EU, Mexico, and Canada.

The business community isn't the only ones opposed to the Trump tariffs.

The EU regards national security arguments as nonsense: In its report, the European Commission warned the United States government that the move would be unacceptable.

A propaganda notice, issued to Chinese media and leaked online on Saturday, lists a number of restrictions on coverage related to the US-China "trade conflict".

The Chamber, which has 3 million members, historically has worked closely with Republican presidents and had praised Trump for signing corporate tax cuts in December.

"If the trade rhetoric and uncertainty continues, it will be very, very bad for the market and for the midterm election and other elements of the president's strategy", he told CNBC.

The EU retaliation came after Trump's administration on June 1 struck Europe as well as allies in Canada, Mexico and elsewhere with tariffs on aluminum and steel.

Nations have begun retaliating. China, which has announced tariffs on $34 billion in American goods, is a critical soybean market for USA producers. Last week, the president increased his threats, suggesting a 20 percent tariff on auto imports.

European Union threatens to retaliate in growing trade war, if the USA places tariffs on European cars, the FT reports.

European Commission spokesman Margaritis Schinas said Monday the US investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates worldwide trade rules", just like last month's USA tariffs on steel and aluminum imports.

Trump had already threatened tariffs on cars imported from the European Union, in response to the EU's retaliatory tariffs last week on iconic usa products including bourbon, jeans and motorcycles.

Trump has previously been persuaded to back off of trade threats with the argument that states that backed him in the 2016 presidential campaign will be hit hard. For example, one campaign says SC will have $3 billion worth of exports targeted by retaliatory tariffs.

Yu says this protectionist attitude could even see some winners, if people start focusing more on buying local products.

White House spokeswoman Sarah Huckabee Sanders said Monday that previous trade deals have hurt the U.S.

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