Largest U.S. business group attacks Trump on tariffs

According to the organization, half of all USA manufacturing jobs depend on exports, and 1 in 3 acres on US farms produce crops for the global market.

The EU sent comments to the USA on whether auto imports pose enough of a threat to US national security to justify tariffs and estimating the economic impact.

The EU in its submission said that European companies make close to 2.9 million cars in the United States, supporting 120,000 jobs - or 420,000 if cars dealerships and auto parts retailers are included, according to Reuters.

Donald Trump's trade war and policies, in general, are now being attacked by the U.S. Chamber of Commerce. "So if there's countries out there that want to do that, I'm sure he'd be happy to sit down and make that happen right now and move this process forward a whole lot quicker".

For instance, Trump repeatedly cites the high Canadian tariffs on diary as justification for steel and aluminum tariffs on the US's neighbor to the north.

There are already signs in the Asian region that the trade war is starting to hurt.

The bloc exported 37.4 billion euros (US$43.6 billion) of cars to the United States in 2017, while 6.2 billion euros worth of cars went the other way.

The Caixin/Markit Manufacturing Purchasing Managers' Index fell slightly in June in China to 51 as new export orders dropped for the third month in a row. Supply can be manipulated and controlled, but demand is a little more hard to control.

Oil prices also fell after US President Donald Trump put pressure on Saudi Arabia to increase oil production.

Trump railed against his trading partners during the meeting, according to sources, and withdrew his support for a joint communique after leaving the summit, angering and bewildering some of Washington's closest allies.

However, the White House later played down Mr Trump's tweet. Investors are expecting strong earnings from the tech sector.

GLENCORE SLIDE: Shares in Glencore, the world's biggest commodities trader, were down about 10 percent after it said the U.S. Department of Justice had requested documents to check on its compliance with corruption and money laundering rules.

Australia has tariffs of 15% or higher on just 0.1% of tariff lines.

The ISM said that demand remained strong but supply chains continued to "struggle" because of import tariffs and the robust economy.

The stark warning was included in the European Commission's written response to the Trump administration's investigation into imports of cars and vehicle parts. New orders, exports and confidence fell.

The US Chamber also published an interactive map on the internet showing the impact of the trade dispute in all 50 states.

Roughly half of the circuit boards Moog use in their instruments come from China, Moog say that they do try to source their boards from the United States where possible, but it results in roughly 30% higher costs, so its not possible to source exclusively domestically. Westpac forecasts they will fall by 4.0 per cent in May.

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