Published: Tue, June 26, 2018
Money | By Ralph Mccoy

Europe to retaliate if US imposes auto tariffs

Europe to retaliate if US imposes auto tariffs

The president's statement comes days after he threatened to place a 20 percent tariff on all European automobiles entering the US and after Commerce Secretary Wilbur Ross told congressmen that the administration was beginning an investigation to check if foreign cars and auto parts threaten national security, according to The Hill.

On Friday Trump threatened to impose a 20 percent tariff on all imports of EU-assembled cars, a month after his administration launched an investigation into whether auto imports posed a national security threat.

Fox News national security strategist Sebastian Gorka discusses how the European Union imposed new tariffs on US goods in response to the Trump administration's steel and aluminum tariffs.

The EU imposes a 10 per cent tariff on imported United States cars. "We should end the escalation", he said in the comments published on Saturday.

Trump says Sunday on Twitter that the "insisting" that countries remove "artificial" trade barriers and tariffs on USA imports to their countries "or be met with more than Reciprocity by the U.S.A". The EU targeted $3.2 billion in American goods exported to the 28-member bloc, including bourbon and Harley Davidsons.

The company said on Monday it would move production of motorcycles shipped to the European Union from the United States to its worldwide facilities and forecast the retaliatory tariffs would cost the company $90-100 million a year.

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New rules that would curb investment in American technology firms are reportedly in the works within the Treasury Department. Chipmakers sank amid reports the Trump administration will limit technology exports to China as well as investment by China.

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The so-called FANG stocks, which have led momentum in USA stocks, were lower after having hit record intraday highs last week. Today the trade war gets serious and Trump fans have to know that their beloved leader has brought this on.

"We don't want to fight (over trade) in public via Twitter".

Tariffs are not the only point of trade frictions between Europe and the United States.

Moody's has told its clients that "tariffs on imported cars, parts would be broadly credit negative for industry".

Le Maire said he had so far not received "positive signs" from Washington about joint French, German and British requests for exemptions from the sanctions.

China and the European Union have vowed to go blow-for-blow with the USA, saying unilateral actions risked pushing the world into a recession.

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