President Trump threatens 20 percent tariff on European cars

23 June, 2018, 00:25 | Author: Elaine Woods
  • European Union to hit US with tariffs on $3.2 billion worth of imports

The government moved forward with tariffs on imported aluminum and steel, prompting retaliatory European Union tariffs on a long list of USA products spanning from pants to motorcycles and canoes.

After it announced the $3.2 worth of tariffs that took effect Friday, the European Union threatened to slap tariffs on an additional $4.3 percent of US products if the USA responded with any additional tariffs of its own.

"The trade that we believe in is built on rules, trust, reliable partnership".

"Our response must be clear but measured", he added during a speech to the Irish parliament.

On March 1, Trump announced that the USA would be imposing a global tariff on all steel and aluminum imports into the US, citing national security concerns.

The bloc has also filed a formal complaint at the World Trade Organization.

In response to Trump's new policy, the European Union started enforcing tariffs on American imports like bourbon, peanut butter and orange juice.

That list includes roughly 160 products such as United States sunbeds, paper towels, corduroy trousers and porcelain tableware.

Mr Trump tweeted that the United States would place a 20% import tax on European cars, if the EU's "tariffs and barriers are not broken down soon and removed".

US President Donald Trump has threatened to impose a 20% tariff on all EU-assembled cars coming into the US, a month after the administration launched an investigation into whether automotive imports pose a national security threat. "Build them here!" he declared.

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Mr Trump launched the investigation last month, ordering the Commerce Department to determine if vehicle imports are a risk to national security.

"The rules of worldwide trade, which we have developed over the years hand in hand with our American partners, can not be violated without a reaction from our side".

The EU tariffs came into force just a week after China accused the United States of starting a trade war.

Trump has also targeted Chinese goods, threatening to roll out tariffs in several stages that could eventually affect hundreds of billions of dollars worth of imports. Beijing will respond in kind.

The EU, China, Mexico, Canada and India are among the places that have plans to retaliate. All five countries have already announced retaliatory measures.

The EU imposes a 10 percent tariff on imported USA cars.

Canada said its tariffs of up to 25% on almost $13 billion of American products will take effect on July 1.

Turkey said Thursday that it's imposing tariffs worth $267 million on USA goods, targeting items such as coal, paper, walnuts, tobacco, rice, whiskey and cars.

Cars made in America and imported to the European Union countries are now subject to import tariffs of 10 per cent, yet goods traded from Europe to the U.S. only face a 2.5 per cent levy.

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