Trump threatens 20 percent tariff on imported European cars

23 June, 2018, 22:44 | Author: Regina Silva
  • US stock markets are feeling the heat as tensions over trade between the US and China seem closer to a boil

Although American goods already in the United Kingdom will not increase in price overnight, shipments leaving the USA for Europe from Friday onwards will be charged the tariffs.

President Donald Trump has again threatened to impose tariffs on vehicles imported from the European Union. "However, the unilateral and unjustified decision of the United States to impose steel and aluminum tariffs on the European Union means that we are left with no other choice", she said.

US Commerce Secretary Wilbur Ross assured the congressional panel that there has been "no decision" made about whether to recommend tariffs. "We don't want to do anything that would harm consumers", he said on Thursday.

Trump has always been fixated on imported cars.

US President Donald Trump has become fixated on automotive trade, viewing it as a major irritant between the US and its trading partners in Asia and Europe. Daimler, the maker of Mercedes-Benz cars and a frequent target of Trump's tweets, lost 1.4 percent to 57.04 euros.

The Section 232 investigation is the same approach the Trump administration took when applying steel and aluminum tariffs earlier this year, citing national security concerns. Overall, the retaliatory tariffs are worth around $3.26 billion. By contrast, BMW only imported 202,000 cars to the USA from its German plants. In September, Mercedes' parent company announced that it was investing $1 billion in its Alabama plant.

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While she didn't see a serious "direct impact of tariff increases.it's a trend that is worrying, the breach of confidence that undermines confidence", she said on the sidelines of eurozone minister talks in Luxembourg. He believes the issue provides a potent selling-point for his political base, which includes white, blue-collar workers who could be energized by the move. A group representing major USA and foreign automakers has said it was "confident that vehicle imports do not pose a national security risk". Mattes also said German automakers could not subsist without access to the U.S. market.

But Daniel Price, a former senior economic adviser to President George W. Bush, told The Washington Post that Trump's threat of new tariffs "short-circuited the. process and conclusively undercut the stated national security rationale of that investigation".

"Though the immediate effects on United Kingdom retailers might look relatively modest, it is worth paying close attention to this dispute because it's future course is unpredictable, fast moving and could quickly escalate to engulf other, seemingly unrelated areas of trade", he said. "The German automotive industry advocates talking to the U.S. despite the current hard situation in order to strengthen transatlantic relations and solve existing problems". The US exported $10 billion worth of passenger vehicles to the European Union a year ago.

Iran is well aware that while Russian Federation and China will not only continue their positive trading relations with Iran but likely expand them to fill the void of more slow moving European business partners, the EU's position was always tenuous.

Daimler, BMW, and Volkswagen declined a request for comment.

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