Trump threatens 20% tariff on cars imported from Europe

Trump threatens 20% tariff on cars imported from Europe

Trump threatens 20% tariff on cars imported from Europe

US President Donald Trump on Friday threatened to slap a 20 per cent tariff on cars imported from European Union, escalating the trade war he began last month against various countries including China and India.

India finalized its decision during a week when the global trade war escalated, with the United States enacting $50 billion in tariffs on Chinese goods, and the European Union imposing $3 billion in levies on such products as USA -made bourbon, peanut butter and Harley-Davidson motorcycles.

The tariffs will hit $3.2 billion in USA imports to the European Union. Germany is the largest European manufacturer of automobiles, though Germany companies have a huge presence in the United States, with large factories in SC and Tennessee.

However, China accused the United States of an act of "extreme pressure and blackmail" and said it would respond with "strong countermeasures". In 2017, 17.2m vehicles were sold in the U.S., compared with 15.6m in the EU and European Free Trade Association countries.

"I think the United States is losing more because it has put tariffs on a very important input which very often it doesn't produce itself", he said.

European Commission President Jean-Claude Juncker said on Thursday the US's new stance on trade "goes against all logic and history".

The spat comes amid a wider push by President Trump's administration to hit other countries with tariffs that would reduce the US trade deficit.

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USA president Donald Trump threatens 20 per cent tariffs on European Union cars.

The E.U.'s retaliation is relatively modest - Trump's tariffs had hit roughly $7.5 billion of European products. The import duty on chickpeas and bengal gram, or chana, has been increased to 70 per cent and will take effect from 4th August. Trump praised Mexico's approach to combating illegal immigration, and even said that Mexico's reliance on the U.S.as an export market was acceptable. Beijing has vowed to retaliate with its own tariffs on US soybeans and other farm products in a direct shot at US President Donald Trump's supporters in America's heartland.

"80% of Mexico's Exports come to the United States".

Although a large portion of the US's most popular auto models, including those from foreign brands (such as the upcoming BMW X7), are already manufactured within its borders, many are imported from other countries.

Economists noted that the amount of money involved with India's levies dwarfed in comparison with that of China - U.S. -India trade was $126 billion past year, while U.S.

The tariffs were apparently targeting China as the administration continued to push the emerging powerhouse to reduce its excess capacity - and exports - in these metals, a situation that Trump claims undermines American industry and jobs.

Jonathan Davis, owner of a wealth management firm, said the European Union was "on a hiding to nothing" by clashing with Mr Trump.

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