Trump Doubles Down on 20% Tariff Threat on EU Imported Vehicles

24 June, 2018, 11:04 | Author: Sheri Evans
  • MALCOLM TURNBULL EU TRADE NEGOTIATIONS

President Donald Trump threatened Friday to slap 20 percent tariffs on European cars in retaliation for tariffs that the European Union imposed on the U.S.in retaliation for an original set of tariffs that the US imposed on global steel and aluminum imports.

Earlier, in March, the US had imposed a 25 percent tariff on all steel imports and 10 percent on aluminum, justifying it on the grounds of national security.

The EU, a bloc of 28 nations, said the tariffs on $3.4 billion in US products would go into effect immediately.

"You look at the European Union - they put up barriers so that we can't sell our Ford products in, and yet they sell Mercedes and BMW, and the cars come in by the millions, and we hardly tax them at all".

A month ago, the administration launched a probe into whether auto imports pose a national security threat.

The European Union has begun taxing the import of motorcycles from the United States into Europe, in retaliation to the USA government's increased tariffs on aluminium and steel.

President Donald Trump is threatening to slap a 20 percent tariff on cars from the European Union.

Europe's autos stocks sold off rapidly, down as much as 1.3 percent, and Germany's DAX index fell into negative territory, down 0.2 percent as big German carmakers Daimler, Volkswagen (VOWG_p.DE) and BMW, which are heavily reliant on USA vehicle sales, suffered. Mr Trump initially exempted the EU from the metal tariffs, but let the temporary reprieve expire after negotiations with the Europeans fell apart. Shares of American auto companies Ford and General Motors also plunged following the threat, but have since bounced back.

Rashford, Lingard and Young star in England win over Tunisia
I'm so proud of the lads. "We were able to play head-to-head and a draw would have been an excellent result for us". But they were nearly made to pay for a succession of missed chances in the first half.

The Commerce Department aims to wrap up its investigation into whether imports of automobiles and auto parts pose a risk to national security by late July or August, Ross said Thursday, according to Reuters.

"We have a trade war - and it s an escalating trade war", SEB chief economist Robert Bergqvist told AFP in an interview.

It is hard for the White House to unilaterally impose tariffs without input from Congress, but Trump has found several ways to do it this year. 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.

"Imports of steel and aluminum products from Japan do not pose a threat to the national security of the United States but are contributing to US industry and employment", the top government spokesman said.

The president's announcement came after China announced that it will impose dollar-for-dollar counter-tariffs in response to Trump's prior tariff on $50 billion of Chinese goods.

BMW's largest plant in the world, in SC, built 371,000 cars past year.

"For most American families, their auto is the second biggest purchase they make", Hatch told Ross.

"The rules of global trade, which we have developed. with our American partners, can not be violated without a reaction from our side", Commissioner for Trade Cecilia Malmström said. The potential trade action would affect more than $200 billion in USA imports, PIIE said.

US quits UN Human Rights Council
Added Kenneth Roth, the executive director of Human Rights Watch: "All Trump seems to care about is defending Israel". Rights groups have criticized the Trump administration for not making human rights a priority in its foreign policy.

The US trade war against China and the threat of auto tariffs has already made an impact on the German vehicle industry.

Transatlantic ties are at their lowest level for many years due to rows over a host of issues including the tariffs, the Paris climate agreement, the Iran nuclear deal and the new United States embassy in Jerusalem.

Pompeo made the comment as part of his prepared remarks at the SelectUSA Investment Summit just outside Washington, where he promoted the United States' business climate and investment opportunities, saying the country is "truly open for business".

Malmström added that if the USA removes its tariffs, the European taxes would also be lifted.

"It wouldn't take that much for financial markets to combine with businesses that are waiting to turn this into a big global event".

The organisation estimates that a 25% tariff on foreign vehicles and parts for them, assuming the United States does not grant exemptions to some countries, would lead to the loss of about 195,000 jobs in the US.

The EU sent nearly $50bn in vehicles and auto parts to the United States past year, with roughly half coming from Germany.

Spain beat Iran 1-0 with Costa's third goal of World Cup
It is a formula that nearly thwarted Spain and should be good enough to trouble Portugal in a match that is now win or bust. But, Iran's defence was packed and frustrated their opponents, who couldn't find a way to break through.

Recommended:



Popular

Gomez: Leaked England team gives Panama no advantage
Gomez, though, insists it will make little difference who starts for the Three Lions due to the quality they have in the squad. I think that was proved against Tunisia .

Obama policy on protecting oceans, Great Lakes scrapped by Trump
Still, she says Trump's order, combined with his efforts to roll back Great Lakes restoration funding, is cause for concern. His administration has encouraged a "cooperative federalism" approach that shifts more responsibility to state governments.

'Roseanne' Spinoff 'The Conners' Headed to ABC Without Roseanne Barr
Our sources say several crew members have signed back on and are excited to return.to a fresh start. The Conner family is headed back to television, albeit without the Roseanne Barr .

Fallen Kingdom scores $15.3 million in domestic Thursday previews
Universal announced that Jurassic World: Fallen Kingdom earned $15.3 million on preview night, according to Deadline. What did Chris Pratt , Bryce Dallas Howard , Jeff Goldblum , Justice Smith , Daniella Pineda , and director J.A.

Shock moment parents snatch baby from priest after he SLAPS crying child
In the disturbing video, the priest loses his patience with the child and holds his face close to him next to a baptismal font. When the inconsolable baby continues to wail, the visibly agitated priest strikes him with enough force to make an sound.

Russia Will Take China's Side Against U.S
The top White House trade adviser, Peter Navarro, says Beijing "may have underestimated the resolve of President Donald J. Asked whether the trade war has begun, Geng said , " China will not ignite a trade war, yet we are not afraid of it".

Migrant children: Immigration bill teeters on the edge of collapse
A compromise bill drafted by moderate and conservative Republicans lacks any votes from Democratic lawmakers and even some Republicans.

A Supreme Court Ruling Could Make Your Online Purchases More Expensive
You have most likely been able to avoid paying sales tax on a lot of online purchases over the years, but that's coming to an end. The top court in the U.S. has ruled that states can force online companies to collect sales tax from their customers.

Centurion Suarez strikes to send Uruguay and Russian Federation through
By scoring Suarez became the first Uruguay player to score in three consecutive World Cups , once again highlighting his world class ability.

OPPO Find X with All Screen Design, Pop-up Cameras Launched
Oppo also claims that its "O-Face Recognition is 20 times safer than fingerprint recognition for unlocking the phone". Super VOOC Charging will charge the 3,400mAh battery in the Lamborghnini edition in 35 minutes using a 10V5A charger.