Thursday, 19 July, 2018

Donald Trump threatens 20 percent tariff on European Union cars

US exempts steel products of Japan, 4 others from import duties China accuses US of trade ‘abuses’ as India hits back at Trump
Elsie Buchanan | 24 June, 2018, 04:07

European auto stocks had already come under pressure in recent days on expectations that Trump would seek to hit the sector with tariffs in response to retaliatory tariffs by Brussels which kicked in on Friday.

With their escalating trade feud showing little evidence of hurting their economies, the US and China aren't close to backing down.

Mr Trump imposed 25 per cent tariffs on steel imports and 10 per cent on aluminium in March on grounds of national security.

India and Turkey have already targeted U.S. products, ranging from rice to autos to sunscreen, and in two weeks, the United States is to start taxing 34 billion dollars (£25 billion) in Chinese goods.

Indian-U.S. trade relations are thorny even in the best of times, analysts say, with the United States pushing for market access and voicing concerns over intellectual property rights while India wants protections for its citizens on foreign worker visas.

German automakers face broader threats from Trump's shift away from decades of US policy supporting open trade.

In addition to the European Union, both Mexico and Canada have responded with their own tariff threats.

The US has imposed tariffs valued at £25bn on Chinese goods - as well as on imports from Canada and Mexico.

The Alliance of Automobile Manufacturers, representing major U.S. and European automakers, said "tariffs raise vehicle prices. limit consumer choice and invite retaliatory action by our trading partners".

Paul McCartney stuns fans in emotional edition of Carpool Karaoke
Then they pulled up at the home where he lived during his late teen years, and where he and John Lennon wrote their hit songs. They then leave the vehicle to visit the barber's shop mentioned in the song - leaving the owner in sheer disbelief.


Earlier in the week, the European Commission said it would start charging import duties of 25 per cent on a range of US products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June.

The EU sent nearly $50bn in vehicles and auto parts to the USA a year ago, with roughly half coming from Germany. "How they'll take it, we'll have to wait and see". The countries have hit each other with tariffs on $50 billion worth of goods; Trump has threatened to add another $200 billion.

Trump already hit Europe with steel and aluminum tariffs, angering European Union leaders and triggering retaliation.

"I wish we would stop invoking national security because that's not what this is about".

There could be yet another round of US tariffs.

The EU tariffs, which took effect at midnight (2200 GMT Thursday) according to the EU's official journal, will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China.

As at Monday, there were 20,000 exclusion requests on steel duties with nearly 1,800 objections posted, and 2,500 aluminium filings with about 50 objections posted.

The tweet appears to contradict a statement made by Commerce Secretary Wilbur Ross at a Senate Finance Committee hearing on Wednesday.

These factors make it unlikely that either BMW or Mercedes would relocate production of their convertibles, or other low-volume niche models, from overseas to the United States. In 2017, 17.2m vehicles were sold in the United States, compared with 15.6m in the EU and European Free Trade Association countries.

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