The EU hits back at Trump's claim it is 'as bad as China' — threatening $300 billion tariffs

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• European Union threatens to retaliate in growing trade war, if Trump places tariffs on European cars, the FT reports.
• The European Commission said in a letter that they would hit $300 billion of US goods with tariffs if needed.
• Letter also threatened that any auto tariffs would "damage further the reputation" of the US.

The European Union has threatened to retaliate against President Donald Trump in the escalating trade conflict developing across the Atlantic.

According to a report in the Financial Times, a letter sent by the European Commission to the US Department of Commerce says the EU could hit $300 billion of US goods with tariffs, if Trump follows through on his threats to place big taxes on European vehicles being imported in the US.

See the rest of the story at Business Insider

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See Also:

• Chinese stocks slammed again as the trade war-fuelled bear market deepens
• Global stocks are bouncing after Trump made a conciliatory move in the trade war
• 'Somebody needs their head examined if they think this is good for the American economy': Businesses are sounding the alarm on Trump's tariffs

SEE ALSO: The Trump administration reportedly drafted a bill to abandon key World Trade Organisation rules

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