SBUS-CXK
BANNED
- Joined
- Mar 18, 2016
- Messages
- 5,787
- Reaction score
- -14
- Country
- Location
US PRESIDENT Donald Trump has threatened to reignite a transatlantic trade war with the EU with a huge hike on car import tariffs.
https://www.express.co.uk/news/worl...t-tariffs-US-commerce-department-Germany#t=9s
He said “I like punitive tariffs” ahead of a US Commerce Department report this week. Trump is expected to raise tariffs from 2.5 percent to a whopping 25 percent within the next three months. The report, meanwhile, is expected to recommend that EU vehicle imports be classified as a threat to national security because it robs the country of an industrial base needed to produce military hardware.
The hike would be the impetus needed for Trump to lash out with increased duties.
Brussels has promised to retaliate to such a sudden measure with “swift and adequate” tariffs of their own.
Relations between the US and Europe has slumped to 2003-levels, amid Trump’s continued rhetoric on trade, his criticism of NATO and his withdrawal from the Paris climate change agreement.
Analysts fear that a tit-for-trade trade war could damage Germany’s economy so badly it slips into a depression, especially as its UK market is at risk due to Brexit.
READ MORE: Angela Merkel CONFRONTS Trump over 'America First' policies
US President Donald Trump and German Chancellor Angela Merkel (Image: GETTY)
German Chancellor Angela Merkel with US Vice President Mike Pence on February 16 (Image: GETTY)
German car exports to the US were worth almost €27billion (£23billion) and hundreds of thousands of jobs in Germany rely on the car industry.
However, the US economy would also likely take a hit if tariffs were imposed on both sides.
In fact, at least 113,000 Americans work for European vehicle manufacturers.
German Chancellor Angela Merkel said on Saturday: “If we’re serious about the transatlantic partnership, it’s not easy for me as German chancellor to read that the American Department of Commerce apparently considers German and European cars to be a threat to the national security of the United States of America.
RELATED ARTICLES
President Donald Trump, first lady Melania Trump and Barron Trump arrive back at the White House (Image: GETTY)
“Looking, we’re proud of our cars and we should be allowed to be.
“And these cars are built in the US. The biggest BMW factory is in South Carolina, not in Bavaria.”
Other German politicians have branded the proposed tenfold tariff increase “absurd”.
The EU has warned it is ready to react with tariffs that would hurt the President - on goods produced in swing states like jeans, orange juice, motorbikes and bourbon.
https://www.express.co.uk/news/worl...import-tariffs-US-commerce-department-Germany
https://www.express.co.uk/news/worl...t-tariffs-US-commerce-department-Germany#t=9s
He said “I like punitive tariffs” ahead of a US Commerce Department report this week. Trump is expected to raise tariffs from 2.5 percent to a whopping 25 percent within the next three months. The report, meanwhile, is expected to recommend that EU vehicle imports be classified as a threat to national security because it robs the country of an industrial base needed to produce military hardware.
The hike would be the impetus needed for Trump to lash out with increased duties.
Brussels has promised to retaliate to such a sudden measure with “swift and adequate” tariffs of their own.
Relations between the US and Europe has slumped to 2003-levels, amid Trump’s continued rhetoric on trade, his criticism of NATO and his withdrawal from the Paris climate change agreement.
Analysts fear that a tit-for-trade trade war could damage Germany’s economy so badly it slips into a depression, especially as its UK market is at risk due to Brexit.
READ MORE: Angela Merkel CONFRONTS Trump over 'America First' policies
US President Donald Trump and German Chancellor Angela Merkel (Image: GETTY)
German Chancellor Angela Merkel with US Vice President Mike Pence on February 16 (Image: GETTY)
German car exports to the US were worth almost €27billion (£23billion) and hundreds of thousands of jobs in Germany rely on the car industry.
However, the US economy would also likely take a hit if tariffs were imposed on both sides.
In fact, at least 113,000 Americans work for European vehicle manufacturers.
German Chancellor Angela Merkel said on Saturday: “If we’re serious about the transatlantic partnership, it’s not easy for me as German chancellor to read that the American Department of Commerce apparently considers German and European cars to be a threat to the national security of the United States of America.
RELATED ARTICLES
EU ON THE BRINK: Panic over ECONOMIC COLLAPSE hits Brussels
Crisis for Merkel as German recession fears takes toll
President Donald Trump, first lady Melania Trump and Barron Trump arrive back at the White House (Image: GETTY)
“Looking, we’re proud of our cars and we should be allowed to be.
“And these cars are built in the US. The biggest BMW factory is in South Carolina, not in Bavaria.”
Other German politicians have branded the proposed tenfold tariff increase “absurd”.
The EU has warned it is ready to react with tariffs that would hurt the President - on goods produced in swing states like jeans, orange juice, motorbikes and bourbon.
https://www.express.co.uk/news/worl...import-tariffs-US-commerce-department-Germany
Last edited:
