Tuesday, 19 June, 2018

Trump may ban German luxury carmakers next

GETTYUS trade war The US is set to implement its metal tariffs on European Union nations tomorrow GETTYUS trade war The US is set to implement its metal tariffs on European Union nations tomorrow
Faye Gross | 02 June, 2018, 20:30

France's President Emmanuel Macron slammed the USA move to impose tariffs on steel and aluminum imports from Canada, Mexico and the European Union, calling the decision "unlawful" and a "mistake". But that includes a significantly higher percent of high-line vehicles, as three of the four main German brands focus on luxury segments. The decision included a worldwide 25 percent tariff on steel and a 10 percent tariff on aluminum imports.

At the time, the president called Germany a great auto producer but said that the business relationship with the United States was an unfair one-way street.

While the president frequently became worked up over increasing imports of Mexican-made vehicles, his threat voiced to Macron would, if accurate, mark the first time Trump has specifically targeted automakers from a single country.

President Donald Trump is hoping to block German luxury carmakers from the USA market, according to an exclusive report by German magazine WirtschaftsWoche.

The European Union imposes a 10 percent tariff on cars imported from the U.S. The U.S. tariff on European made cars is now 2.5 percent.

US Pauses New North Korea Sanctions
He's a longtime Korean intelligence official with past involvement in many violent acts, and now he's heading to the U.S. China said it had no information to offer on any North Korean officials travelling to the United States via Beijing.


Germany's auto industry association VDA says its members exported 657,000 vehicles to North America past year, with total exports of vehicle components, cars, engines, as well as second-hand vehicles totalling 31.2 billion euros in 2016. Volkswagen controls Bentley, and Bugatti.

If the European Union imposes countermeasures, it must expect Trump to come up with further measures, he told Deutschlandfunk radio.

Industry experts warn that such a move could all seriously damage automotive brands dependent upon export to the USA, the world's second-largest luxury vehicle market. A similar national security argument was used when Trump placed steep tariffs on aluminum and steel imports in March. The move has sparked worries of a global trade war. Another 80,000 work for suppliers, according to German auto industry group VDA.

The US market is extremely important for luxury German automakers, and a ban on importing new vehicles would be devastating for brands like Audi, BMW, and Mercedes-Benz.

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