Trump threatens 20% U.S. tariff on EU car imports

23 June, 2018, 00:27 | Author: Sheri Evans
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After he imposed steep tariffs on imported steel and aluminum, the European Union retaliated by slapping $3.4 billion in tariffs on a variety of U.S. products - specifically targeting goods or agriculture produced in states that went for Trump in the last election.

"The trade that we believe in is built on rules, trust, reliable partnership". European Commission spokesman Alexander Winterstein said the EU's response is proportionate and reasonable.

"Our response must be clear but measured", he added during a speech to the Irish parliament.

The U.S. Commerce Department is investigating whether imports of automobiles and auto parts pose a risk to national security.

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The bloc has also filed a formal complaint at the World Trade Organization. The EU targeted more than $3 billion in American goods exported to the 28-member European Union.

Lindland says American-made luxury cars probably won't benefit from tariffs on their European counterparts.

That list includes roughly 160 products such as USA sunbeds, paper towels, corduroy trousers and porcelain tableware.

The EU has today introduced retaliatory tariffs on €2.8 billion (US$3.3bn) worth of USA products - including American whiskey - in response to president Donald Trump's tax hikes on imported aluminium and steel. The US president made the warnings on Twitter, claiming that if European "Tariffs and Barriers are not soon broken down and removed" America would "be placing a 20% Tariff on all of their cars coming into the US". "Build them here!" he declared.

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In the US, Trump has launched an investigation into whether vehicle and automotive parts imports are hindering the sector's ability to compete globally. Daniel Gros, director for Economy and Finance at the Centre for European Policy Studies, said that in a trade war everyone stands to lose, but the U.S. has put itself in a worse position.

The EU tariffs came into force just a week after China accused the United States of starting a trade war. Beijing will respond in kind. The duties were raised on 1 June, affecting the EU, Canada, Mexico and India. All five countries have already announced retaliatory measures.

The U.S. already has a 2.5 percent tariff on European cars.

Canada said its tariffs of up to 25% on almost $13 billion of American products will take effect on July 1.

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The US followed a similar process for the steel and aluminium industry, which led it to impose tariffs on the foreign metals this spring. This led to to fears China would impose retaliatory tactics, making US-made examples of the Mercedes GLE-Class, GLS-Class and C-Class more expensive to export to China.

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