Trump tariffs

 The U.S. Chamber of Commerce on July 2 denounced President Donald Trump's handling of a global trade dispute, issuing a report that argued the tariffs imposed by Washington and retaliation by its partners would boomerang badly on the American economy.

The European Union warned on July 2 that up to $294 billion worth of U.S. exports would face counter-measures if President Donald Trump went through with his threat to slap duties on auto imports.

The final additional tariffs on various U.S. products by Turkey have been higher than it had earlier been reported to the World Trade Organization (WTO), a cabinet decision showed on June 26.

U.S. President Donald Trump on June 25 slammed Harley-Davidson Inc after the motorcycle maker said it would move production for European customers overseas to avoid retaliatory tariffs that could cost it up to $100 million per year.

The European Union will begin charging import duties of 25 percent on a range of U.S. products on June 22, in response to U.S. tariffs imposed on EU steel and aluminum early this month, the European Commission said on June 20.

U.S. trade groups and some large companies such as Boeing said on June 15 they were beginning to evaluate how new tariffs in the U.S.-China trade spat could affect their operations.

Escalating trade tensions are posing an increasing threat to the global economy, the head of the International Monetary Fund has warned.

"The clouds on the horizon ... are getting darker by the day," IMF Managing Director Christine Lagarde said at a news conference in Berlin on Monday.

President Donald Trump feuded with Canadian Prime Minister Justin Trudeau and threatened to impose penalties on foreign automobile imports Saturday, capping an acrimonious meeting of the Group of Seven industrial nations that further frayed ties between the United States and its closest allies.

Turkey is set to take measures against the United States over its decision to impose tariffs on Turkish steel and aluminum imports by June 21.

The US will impose extra charges on imports of aluminum and steel from European Union countries, Canada and Mexico as of midnight on July 1. This was announced by US Secretary of Commerce Wilbur Ross.