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Heather Zumarraga: China, EU Have More to Lose Than US in Trade War

(Newsmax TV's "Newsmax Now")

Wednesday, 25 July 2018 09:59 PM

President Donald Trump's call for a $12 billion subsidy to farmers is only a short-term solution as the United States aims toward zero tariffs, financial analyst Heather Zumarraga said Wednesday.

In an interview on Newsmax TV's "Newsmax Now," Zumarraga said Trump is "not going to back down" on threatened auto tariffs, despite the U.S. deal with European Commission President Jean-Claude Juncker to lower industrial tariffs.

"Countries like China and [European Union] have a lot more to lose than the United States," Zumarraga said, adding of the farm subsidy: "This is just a short term solution, and it's definitely not a long-term solution to provide assistance to the farmer."

"Hopefully we'll get rid of tariffs so that these retaliatory tariffs aimed at Trump's base – aimed at the agricultural sector, like soybeans, corn, pork, and beef – they really need to go away. We got to get rid of them."

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Zero tariffs would have a huge impact on the U.S. auto industry, she said.

"Europe charges 10 percent tariffs on U.S. cars," she said. "We only charge them 2.5 percent. To be fair, we do charge 25 percent for light trucks."

"So, you know I'm glad this has been addressed, and I think if we get rid of tariffs across the board that'll help U.S. automakers," she continued. "It'll make not only BMW and Mercedes cheaper to American consumers, [it'll make] Ford and GM cheaper to our European allies in Germany as well."

"I'm glad we are . . . in talks with our allies to reduce some of these trade barriers and, more specifically, if we can work together to address China's unfair trading practices multi-laterally verses on a bilateral, one-on-one, U.S. versus China basis," she added. "I think that's where most of the trade inequity really lies."

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As the United States aims toward zero tariffs, President Donald Trump's call for a $12 billion subsidy to farmers is only a short-term solution, according to financial analyst Heather Zumarraga on Newsmax TV's "Newsmax Now."
heather zumarraga, tariffs, trade war, china, eu, farm subsidy
Wednesday, 25 July 2018 09:59 PM
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