Trump threatens 20% tariffs on all European cars coming into US
Jun 24, 2018, 16:48
She had earlier sought to dispel anxieties that the situation would become a trade war.
Less than a month before an expected meeting with European leaders, President Trump threatened Friday to slap 20% tariffs on Europe's cars in the latest salvo of the trade wars with US allies.
The Washington trade association for BMW, Daimler and Volkswagen's operations in the USA warned consumers will be harmed by higher tariffs.
"Not a single auto could be shipped with a profit to the U.S.", he said. Europeans claim that breaks global trade rules.
"This is not what any one will like to see".
Trade split? Some White House officials are trying to restart trade talks with Beijing in a last-ditch effort to head off sanctions scheduled to take effect July 6.
He urged both the United States and China to sit in a round table to negotiate their differences on the basis of the rules that govern global economy and seek mutual accommodation.
Do other countries have higher tariffs than the United States?
Rising costs especially hurt consumers and companies that rely on imported components. China, India and Turkey have already hit back with their own tariffs on United States imports. "Nigerian importers also import it", he said.
Trump imposed tariffs of 25 percent on European Union steel and 10 percent on aluminum on June 1. Trump is threatening to impose a tariff double that size if the European Union doesn't remove its barriers.
According to an analysis by Greg Daco at Oxford Economics, U.S. tariffs, adjusted for trade volumes, on goods from around the world average 2.4 percent, above Japan's 2 percent and just below the 3 percent for the European Union and 3.1 percent for Canada.
EU Trade Commissioner Cecilia Malmstrom said this week that the EU was "left with no other choice" but to impose tariffs of its own after the "unilateral and unjustified decision of the U.S". The commission, the bloc's executive arm, said that the 1 trillion euros in commerce between the EU and U.S.is equitable, and it disputed Trump's assertion that the EU needs to be punished because of unfair trade practices, according to an internal EU memo obtained by Bloomberg.
The Wall Street Journal noted that the latest Trump tariff tweet underscored "the importance he is placing on a probe his administration launched last month into whether big tariffs could be imposed on vehicle imports in the name of national security".
It is hard for the White House to unilaterally impose tariffs without input from Congress, but Trump has found several ways to do it this year.
The EU also stated that the rebalancing measures would be effective for as long as the USA measures are in place, in line with the WTO Safeguards Agreement and EU legislation.
Trump campaigned on a pledge to rewrite trade agreements and crack down on China, Mexico and other countries.
But US Assistant Secretary of State for European and Eurasian affairs Wess Mitchell said on Thursday that Trump's approach towards his allies was about "strategic renovation".
President Donald Trump didn't back down Friday on the rising war of words with the European Union when he announced that he would consider a 20 percent tariff on cars imported from Europe. But that's poised to drop soon after Volvo opens its first US plant this fall in SC. 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 USA factory jobs.
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