Donald Trump threatens 20% United States import tariff on European cars

India Joins China In Hitting Back At Trump On Trade Foreign Media

India Joins China In Hitting Back At Trump On Trade Foreign Media

U.S. auto executives said privately they have spent months looking at the potential impacts to sales of new tariffs, and they view the presidential tweet as a sign significant new tariffs appear likely. He charged that a succession of poorly negotiated accords - including the North American Free Trade Agreement and the pact that admitted China into the World Trade Organization - put American manufacturers at an unfair disadvantage and destroyed millions of US factory jobs.

Trump used a similar tactic to unilaterally impose tariffs on aluminum and steel imports from a number of countries, angering a number of US lawmakers but also his foreign counterparts in Europe, Canada, Mexico, Japan, and a number of other countries.

The U.S. Commerce Department is investigating whether automobile imports threaten to impair the national security of the United States, the rationale the Trump administration used to promote tariffs on steel and aluminum imports.

Trump's tweet came hours after the European Union imposed tariffs on about US$3.3 billion of U.S. products in response to United States levies on imported aluminum and steel.

German Spiegel referred to Trump's protectionism and trade wars as a "hostile move", threatening to cause lasting damage to American and European economies. "It is unclear and we can not find the actual impact", the trader said.

That 25% "chicken" tax has been in place since 1964, when the Lyndon Johnson administration initially applied it as punishment for Europe's tax on US chicken imports, but the protectionist measure outlived that conflict.

And on Friday, Trump threatened to slap tariffs of 20 percent on European Union vehicle imports, sending shares in Fiat Chrysler, Daimler and BMW sharply lower.

Cranberries, cranberry juice, orange juice, sweetcorn and peanut butter are among the other food products targeted. Some clothing and paper products will also be subject to tariffs of 35 percent and some blankets will have tariffs of 50 percent.

Canadian Prime Minister Justin Trudeau this week said the integration of the auto industry in the USA and Canada means he has "a hard time accepting that any leader might do the kind of damage to his own auto industry that would happen if he were to bring in such a tariff on Canadian auto manufacturers", Reuters reported.

He added: "Our response must be clear but measured. Needless to say, it is in full respect of EU and (World Trade Organization) rules", said European Commission spokesperson Alexander Winterstein. Furthermore, there are no alternatives to the products supplied from Japan.

In turn, China said it would slap the U.S. with tariffs on $50 billion worth of USA imports starting in July. "What's more, these products will have a strong symbolic impact".

When it comes to the FX market, traders are struggling to place trade concerns into a coherent narrative. It is going to hurt the stock market.

Under Trump, trade has become more of a hot button issue than it was in previous years.

President Donald Trump and Canadian Prime Minister Justin Trudeau at the recent G7 Summit.

Including trade in goods, services and primary income from investments, the US runs a 12 billion euro surplus with the European Union, according to the memo.

As he sought to reach a denuclearization agreement with North Korea's Kim Jong-Un, Trump has minced no words in chastising his European counterparts.

Malmström said the bloc will remove its tariffs if the United States rescinds the duties on metals.

"Strengthening the West means making hard decisions today when we initially disagree, rather than continuing to accept the appearance of transatlantic unity", he told the Carnegie Europe think-tank in Brussels.

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