Donald Trump Tariff Hike

In his interview with Tesla owner Elon Musk, former president Donald Trump unveiled a bold new proposal, announcing what he called the largest mass deportation effort in US history

Chinese factories have flocked to areas of Mexico that border the United States in a bid to avoid tariffs imposed under the Trump administration running into millions of dollars, Nikkei Asia reported

Trump's remarks ratchet up tensions on a day when Iraqi lawmakers voted to pursue the removal of foreign troops from the nation

The proposal to give Trump more authority to raise duties without congressional approval comes after failed attempts by Republican senators to rein in his trade and tariff powers

Groups lobbying for months to persuade the president that tariffs are the wrong approach have been largely ignored

The countries that would be most affected include China, US, Euro area and some major trade partners such as Taiwan, Canada, Korea, Mexico as well as some other smaller European economies

Auto manufacturing powers have been coordinating with each other lately about their fears and response to Trump's 'Section 232' investigation into whether auto imports are a threat to US security

In recent months, Donald Trump has increased tensions among traditional US partners and allied trading blocs such as the EU, Canada, and Mexico, with a focus on trade issues

The global commercial order is being shaken by Trump's use of a US trade-law provision on national security to justify steel and aluminium tariffs against a host of countries

Trump has imposed tariffs on steel and aluminum in response to what he calls unfair trade practices from Europe, Canada, and other allies around the world

Higher tariffs could also hike vehicle prices and reduce sales, says GM

The company said in a government filing on Monday that it may move some production outside the US in response to European retaliation for the president's tariffs on imported metals

The Trump administration announced tariffs on $34 billion of Chinese imports to take effect in three weeks with another $16 billion still to be reviewed

The EU has vowed to hit back at the US with tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey

Voluntary export restraints by Europe could hand Trump an apparent victory, while benefiting EU's steel producers

Trump administration officials have said that in lieu of tariffs, steel and aluminum exporting countries would have to agree to quotas designed to achieve similar protections for US producers

On Wednesday, China unveiled a list of 106 US goods including soybeans, whiskey, frozen beef and aircraft targeted for tariffs

Trump said in a statement the further tariffs were being considered "in light of China's unfair retaliation" against earlier US trade actions that included $50 billion of tariffs on Chinese goods

GM's partners in China include SAIC Motor Corp., while Ford has tied up with Changan Automobile Group and holds a stake in Jiangling Motors Corp

The tariffs are meant to address two problems: intellectual property theft by China and a steep and persistent trade deficit