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EU Warns of New Tariffs if Trump Escalates Trade War
The European Union says it is ready to impose new tariffs on American goods if the Trump administration hikes import duties on cars and components from the bloc.
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The European Union says it is ready to impose new tariffs on American goods if the Trump administration hikes import duties on cars and components from the bloc.
The EU currently levies a 10% tariff on vehicles from the U.S. That compares with U.S. rates of 2.5% on foreign cars and 25% on imported light-duty trucks. The EU currently exports about six times the value of vehicles to the U.S. as it imports from the U.S.
European manufacturers also make hundreds of thousands of cars and SUVs in the U.S., many of which are exported.
The U.S. Dept. of Commerce has been studying whether to raise taxes on EU vehicles on grounds that they represent a threat to U.S. security. In a statement filed with the department last week, the EU says new tariffs are not justified and will lead to a negative impact of $294 billion on U.S. exports.
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