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>> And we are very close to making some very good trade deals.>> Despite an optimistic tone from the US president, trade tensions are escalating. The European Union Monday threaten tariffs on nearly $300 billion of US exports. If President Donald Trump follows through on levying tariffs on cars and car parts from the EU.
The stark warning coming as the US Commerce Department launches its investigation into imported autos and whether the US should impose tariffs on National Security Grounds. But the European Commission on Monday also said it was trying to convince Washington that imposing such tariffs would be a mistake.>> Of course we will spare no effort be it at the technical or at the political level to prevent this from happening.
>> The comments come after President Trump slammed the long time ally in a Fox News interview Sunday.>> The European Union is possibly as bad as China, just smaller. European Union take a look at the car situation. They sent a Mercedes in, we can't send our cars in.
>> Sunday also marking the day Canada's relatiatory tariffs on US goods went into effect. Unphased, President Trump on Monday widened his attacks.>> WTO has treated the United States very badly.>> Threatening to take measures against the World Trade Organization If it doesn't change its ways.>> We're not planning anything now, but if they don't treat us properly, we will be doing something.
>> The president's comments coming as the chamber of commerce historically a close ally to Republicans, launched a campaign to oppose Trump's trade tariff policies. Detailed first to Reuters, it provides an analysis of the financial hits, each US state stands to take from potential retaliation to the President's trade policies.